European Securitization
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New managers emerging, even if they pay up for inaugural transactions, show there is a price for every asset -
Market welcomes investors supporting a variety of issuers if the price is right
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Investors demanded a premium for AB CarVal's euro debut, but Investcorp priced tightest deal in two weeks
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Seniors preplaced but heavy oversubscription helps mezzanine tranches tighten
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Nationwide retains prime RMBS and Close Brothers keeps UK auto trade
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Manager hopes to eventually develop a European market for shorter reinvesting CLOs
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Some of the mezzanine tranches landed tighter than European CLOs by established managers
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Spread was in line with Lloyds' Permanent deal in July
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After years of slow progress and a failure to complete the project, stimulating the European ABS sector could be exactly what is needed
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Balance tilts further towards big shops as managers may have to invest in their own risk retention funds
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Latest Santander deal joins Mercedes' second Silver Arrow offering
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UK regulator has shown a post-Brexit willingness to simplify rules
