Exercising ABS
Mid-June saw a strong burst in new issuance of asset-backed securities, putting theEuropean and sterling ABS markets on course to overtake overall corporate bond issuance for the first time ever. Hardeep Dhillon looks at the factors behind this recent spurt
A total of $8.521 billion equivalent of ABS deals was issued in the two weeks before market professionals swamped Barcelona for the Global ABS 2004 conference in June. The wave of deals comprised three residential mortgage-backed securities (Greek, Spanish and a UK non-conforming deal), three Italian deals (mixed MBS, lease-backed and auto ABS), US credit card receivables ABS and a collateralised loan obligation transaction. And more is set to follow as the mandated pipeline contains
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