European Securitization
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This is Hyundai’s fourth German auto ABS from its Pony programme -
Debut manager is launching a CLO platform building on leveraged loan market experience
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Despite unfavourable equity arbitrage, CLO issuance continues at pace
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Triple-A rated CLO spreads tighten at last and a template is established for European data centre ABS
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Andrew Burgess worked at Prytania for 16 years
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Public versus private distinction scrapped for disclosure plus new, simplified templates for mature asset classes
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Deal was Monday's second euro auto trade to offer mezz
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Pricing on triple-A rated notes tightens by 15bp as manager avoids refinancing some mezzanine tranches
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Hyundai releases initial price thoughts for its German auto ABS
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Equipment ABS issuance gathers momentum as investors appreciate diversification
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US market remains the model as template issuance takes shape
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Lower pricing across CLO capital structure does little to improve equity arbitrage
