The repo effect

The public securitisation market represented just 2.5% of the estimated EUR600 billion in European ABS issuance last year. Instead, almost all activity was focused on deals eligible for repo with the Bank of England and ECB. With banks struggling to access other funding sources, they have channelled their energy into realising value from assets sitting on their loan books.

Inevitably, this activity has changed the shape of deals. "Without the need to market deals - or the requirement to tell the

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