I see euros, that’s right, plural

My brief absence from the market, as ever, seems to have been a tonic for the primary market, provoking a burst of new issue supply this week, especially from euro-based issuers. RNHB’s Dutch Property Finance BTL RMBS transaction, priced on 25 January, was the first euro consumer ABS deal since November, but certainly signalled that the investor wallets were open, with coverage of 2.4x/2.1x/7x/3.7x for classes A/B/C/D respectively, and a handsome tightening during syndication. Class C was the standout, launched at mid-300s to price at 300 flat, but wherever you look there’s the unmistakable marks of a healthy market.