ABS bulls drive post-crisis tights

摘要

A wave of fresh cash in the hands of real money accounts drove a marked rally in Europe's ABS market last week, pushing some core markets to post-crisis tights and drawing out a rare mortgage portfolio trade. Dutch mortgage lender obvion priced the senior notes of its latest Storm RMBS at 24bp over Euribor on Friday, which set a post-crisis low for five-year Dutch RMBS, according to Rabobank analysts.