ABS market speaks its mind
As part of GlobalCapital’s awards survey, we took the chance to ask issuers and other market participants what they wanted in a bank, and how they saw the market outlook. This was an experiment, for us, but some of the results are stark — league table is not all it’s cracked up to be, and neither is pricing — instead, it’s the personal factor that wins out, not the depth of relationship but the strength of the team. It really is quality that counts, and there are few wins to be had by skimping on the bankers but wielding a big cheque book. There were few big calls on spreads, with most participants calling a flat or slightly tighter environment — though NPLs may end up softening more than performing asset classes. Thanks to all who participated, and we’d welcome suggestions on how to improve the survey next year!