European Securitization
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The trade follows the same structure from the previous deal -
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
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Trop of trades impress observers as they get ahead of US tariff announcemen
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German auto ABS trade grew from €500m to €600m and seniors landed inside all four of the lender's previous public trades
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Lender offers all tranches on its first STS trade, while credit markets await US government tariffs announcement
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Spreads on the secondary market are stable to marginally softer
