Tesco fundraising offers hope to CMBS

The global securitisation market glimpsed a rare chink of light on Wednesday when Tesco, the UK retailer, raised £430m ($702m) of funds by selling a crude form of commercial mortgage-backed bond to European pension funds and other investors.

The deal, which was three times subscribed, marked the first time that a so-called CMBS has been sold to private sector investors in Europe or the US since the credit crisis erupted.

As a result, it will bolster hopes that conditions in the complex finance world may be thawing.

The deal’s impact will be closely watched by policymakers in Washington and London, since it comes as the US administration is launching regulatory reforms that include measures to rebuild confidence in securitisation. Securitisation is the packaging of financial assets, which are then sold on to investors.

http://www.ft.com/cms/s/0/fba55bf0-5b68-11de-be3f-00144feabdc0.html?nclick_check=1

Securitisation is dead. Long lives securitisation

http://www.europeansecuritisation.c...ve/Current/2009-06 ESF Monthly Supplement.pdf

4. CMBS Spreads
4.1. European 3-5 Yr AAA CMBS Spreads .......................... 1
4.2. European 3-5 Yr BBB CMBS Spreads ........................... 1
4.3. US 3 & 5 Yr AAA CMBS Spreads ................................ 1
4.4. US 3 & 5 Yr BBB CMBS Spreads ................................. 1
5. RMBS Spreads
5.1. European 3-5 Yr AAA RMBS Spreads .......................... 2
5.2. European 3-5 Yr BBB RMBS Spreads ........................... 2
5.3. UK 3-5 Yr AAA RMBS Spreads ................................... 2
5.4. UK 3-5 Yr BBB RMBS Spreads .................................... 2
5.5. US AAA Subprime Home Equity Spreads ..................... 2
6. ABS Spreads
6.1. European 1-4 Yr AAA ABS Spreads ............................. 3
6.2. European 1-4 Yr BBB ABS Spreads .............................. 3
6.3. US 3 Yr AAA ABS Spreads ........................................... 3
6.4. US 3 Yr BBB ABS Spreads ........................................... 3
7. RMBS Prices
7.1. European 3-5 Yr AAA RMBS Prices ............................. 4
7.2. European 3-5 Yr BBB RMBS Prices ............................. 4
7.3. UK 3-5 Yr AAA RMBS Prices ...................................... 4
7.4. UK 3-5 Yr BBB RMBS Prices ....................................... 4
8. CMBS and ABS Prices
8.1. Pan-European 3-5 Yr AAA CMBS Prices ...................... 5
8.2. Pan-European 3-5 Yr BBB CMBS Prices ...................... 5
8.3. Pan-European 1-4 Yr AAA ABS Prices ......................... 5
8.4. Pan-European 1-4 Yr BBB ABS Prices ......................... 5
9. Indices Data
9.1. Securitised Index Option Adjusted Spreads ................... 6
9.2. ABX.HE and CMBX Prices ........................................... 6
Annex ..................................................................... 7
Disclaimer .............................................................. 7