The European securitization market served up a dream week, at least as far as headline writers were concerned.
First, UK drinks lender Ferovinum cracked open a wine and spirits ABS. The deal had been fermenting for some time, but now Project Cork has closed and the liquidity is flowing. One can only assume there were some corks projected skywards at deal HQ in celebration.
Spanish football club Valencia CF also picked up points after refinancing its stadium, with Goldman Sachs on the scoresheet as arranger. Tom Hall has written an article of two halves on the subject though, as French club Olympique Lyonnais’ similar financing was downgraded by Morningstar DBRS.
In the public markets, investors were more than able to handle some spice from Pepper and Santander deduced there was an opening to tighten its UK prime RMBS, Holmes 2025-2.
Can we hope for a repeat of such fine deal naming this week? I’mBank-ing on it.