SCIWire

Euro secondary restarts

Tuesday 4 April 2017 09:02 London/ 04.02 New York/ 17.02 Tokyo

The turn of the quarter has restarted activity in the European securitisation secondary market.

Flows and BWIC supply are picking up across the board this week. So far execution levels remain strong as long-standing pent up demand gets some release.

As a result, secondary spreads remain firm amid positive market sentiment. However, the growing secondary and primary calendars are yet to meet head on and will eventually provide current levels with a stronger test.

There are four BWICs on today's European schedule so far. The largest is a six line CLO list due at 15:30 London time.

The €24.025m double-B and equity auction comprises: ARBR 2014-1X SUB, CASPK 1X D, CRNCL 2014-4X E, JUBIL 2013-10X SUB, JUBIL I-RX F and WODST V-X SUB. Only ARBR 2014-1X SUB has covered on PriceABS in the past three months - at 91H on 25 January.

04/04/2017 09:02:27