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Timing issues

Category: ABS Secondary markets

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European ABS market update

The two-year senior notes of Compass Banca’s €900m Quarzo Series 2018 consumer ABS are being talked at three-month Euribor plus 95bp. However, the transaction is not considered to be well-timed, as Italian spreads continue to widen.

“The deal is attractive, but not compared with the yield on Italian government paper,” says a trader.

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