SCIWire

Euro secondary solid

Thursday 29 June 2017 09:32 London/ 04.32 New York/ 17.32 Tokyo

The European securitisation secondary market remains solid despite distractions from primary and month-end.

"As has been the case over the past few weeks people are focused on primary, but secondary is still ticking over this week," says one trader. "Over the past couple of days we've seen a number of bid lists going through and trading at decent to very good levels."

The trader continues: "Overall, secondary spreads are stable to a little tighter. There is some sign of softness in parts of the CLO stack and around UK non-conforming, though a PARGN BWIC traded at aggressive levels yesterday, but fundamentally the market appears well supported, albeit on relatively light volumes."

There are currently four fairly short BWICs on the European schedule for today. The longest is a four line 8.106m euro and sterling mix of UK non-conforming RMBS.

Due at 14:30 London time it comprises: ALBA 2005-1 B, ALBA 2015-1 D, LGATE 2006-1X C and MARS4 4X B1C. Only ALBA 2005-1 B has covered on PriceABS in the past three months - at 92.02 on 1 June.

29/06/2017 09:32:24