European Securitization
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Decision was made before the equity market volatility started -
Easter bank holidays are shortening execution windows
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Unusual trade from US firm comes amid reasons to be positive on Spanish RPL
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George Smith and Tom Hall discuss whether the tariffs chaos will derail the European ABS market and how the ESA report left the CLO market scrambling
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The trade follows the same structure from the previous deal
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Timing of unusual reperforming loans trade surprises observers given state of broader markets
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Longstanding pair depart A&O Shearman
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Reperforming mortgage deal defies expectations that issuers would shy away from market given volatility
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This trade follows three extensions of the previous loan on the building
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Afme understands that deals priced but not settled before March 31 will be protected by grandfathering
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Relative value still looks attractive but ABS still to digest announcements
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Not clear whether guidance applies to other ABS
