February was an exceptionally active monrh for European securitization. First, CQS Management, the $ 11.2 billion, London-based multistrategy hedge fund led by CEO Michael Hintze, unveiled a new asset-backed securities fund. Then U. K. holiday com pany Center Parcs launched a £ 1 billion ($1.6 billion) whole business securitization in which fund managers made up 63 percent of investors. If these events indicate that the market still has some life, they're also anomalies. In many ways, securitization is deeply unfashionable in Europe. Hit by economic and regulatory fallout from the financial crisis, asset- and mortgage-backed securities have a small investor base that could shrink even further once Basel Ⅲ and the European Union's Solvency Ⅱ directive come into force.
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