European Securitization
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Deal only included loans that were outside the scope of the FCA's redress scheme -
Deal was refinanced with very tight spreads in 2021 and has been out of reinvestment since 2023
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VW offers German auto ABS while BBVA puts Spanish consumer ABS on screens
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Deal includes one of the tightest triple-A prints since spreads widened due to the Iran war
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Euro denominated triple-As only on offer, rest of the capital stack preplaced
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Mezz and certificates go on offer, testing new execution strategy
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Pricing on triple-A notes lands 10bp wider than previous deal in the wake of Iran war
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Manager has already used its fourth captive equity fund to invest in five CLOs
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CLO managers struggle with ramps, Stellantis returns to UK auto ABS with E-Carat shelf as ABS spreads tighten again
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◆ Fast money reverses out of SSA bond market ◆ CLO managers face risky ramp startegy ◆ Corporate hybrid bond market runs hot despite volatility
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Manager tightens spread on triple-A rated notes by 23.5bp compared with the original deal
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Lower loan prices offer higher equity returns but managers face rally risk once deals are priced
