Two comebacks and a pull-back: credit card ABS, insurance tier two and SSA bonds

Send us Fan Mail ◆ Credit card ABS grows as securitization sets off for Barcelona ◆ What can scupper insurance tier two spree ◆ SSAs appear unwilling to test Treasury spread record A deal from Vanquis Bank, a securitization of credit card receivables, is the latest deal in a revival of an asset class that has been morinund since the 2008 financial crisis. We examine why this market is making a comeback now and what makes it different this time. We also discuss our sister podcast, Another Fine Mezz's plans for a live show at next week's Global ABS event in Barcelona, which is the major industry gathering for the European securitization industry, and look ahead to the conference. Insurance companies have been on a spree of tier two issuance lately. We explain why and discuss why investors might be reaching their limit and what issuers can do about it. Finally, we return to a hot topic from last week's show — whether a public sector bond issuer can price a deal at a tighter yield than US Treasuries. It appears that there is some reticence among issuers to be the first, even though doing so would be a major milestone. We examine why that is and explain why it might still happen over the summer anyway. Now read on: Vanquis fuels bank-led credit card ABS comeback Insurer tier two parade begins to test investors' limits On the banks of the Rubicon: hopes for an SSA to price through Treasuries fade Pricing an SSA through Treasuries would be a warning not a trophy