Smoke stacks

Bloodbath blues

Category: ABS CLOs RMBS

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European ABS market update

The European ABS market has repriced, after taking a hit yesterday when the S&P 500 index plunged by 1.8%. The tone has improved this morning, as traders cautiously return to the market.

“We’re seeing the market repricing after the bloodbath that happened yesterday,” says one trader. “A lot of paper hit the shelf and nobody wanted to trade it; mezz CLO paper was 10bp or 20bp off.

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