Asset-backed syndicate desks managed to push through deals last week that had already been announced, but worry over the coronavirus meant there was just one addition to the pipeline despite prior expectations of a busy March. There are at least 10 repeat securitisations from UK originators, mainly specialist lenders, filed at Companies House that are yet to be announced. "You can get a deal done - but it's not pretty," said one ABS syndicate official. Away from CLOs the only new announcement was a Triple A only French RMBS which, if it does come to market, is likely to be supported by the ECB's ABS purchasing programme for prime euro paper. Two of last week's new issues, a UK auto ABS from BMW and a French RMBS from Credit Agricole, were priced well-covered after traditional bookbuilds, albeit at generous spreads.
展开▼
