May kicks off with more than US$6bn

摘要

Jumbo deals from the likes of TOYOTA, SANTANDER and TACO BELL made last week the busiest of the year for US asset-backed securities supply, with more than US$6bn of paper clearing the market. At a roughly US$6.3bn tally, issuance topped the first week of February's US$5.93bn for top honours so far in 2016. Last month, weekly totals averaged just US$3.34bn. Issuers were still getting favourable pricing on new trades despite the sudden glut of supply, indicating that investors have plenty of cash to put to work in big liquid deals. "It's kind of the perfect storm," a senior ABS salesperson at a non-US bank told IFR. "There is a lot of cash on balance sheets and not a lot of supply. New issues are the only place to get size if you want more than 10,20 or 50 million in bonds." Toyota and Santander priced their deals inside clearing levels on their prior trades, and order books were already full on the morning they rolled out, one investor said.