EMEA

摘要

Banca popolare di vicenza's priced its new RMBS inside its smaller-sized shorter comparables, benefiting from the tightening wave seen in the Italian space. The €835.4m 4.8-year AA+/AAA rated berica ABS 3 notes - which priced on Monday afternoon at 105bp over three-month Euribor through arrangers JP Morgan and BPVi and joint leads Barclays, Deutsche Bank and Santander - were seen 7bp-8bp tighter by the end of the week and are expected to continue to ride the wave. The transaction enjoyed the soothing effect of the main event of the month - the news that the ECB was "intensifying" preparatory work on an ABS asset purchase programme, a buyer of the deal said. "The ECB announcement, as well as the strong enthusiasm for Italian paper seen at the Global ABS conference" set the deal for good upside in the two weeks before pricing. The books closed at the tight end of revised guidance of 105bp-110bp, having started in the 115bp area, with more than €2bn of orders including €375m of joint lead manager interest.