Lloyds Banking Group’s announcement in late September that it was to issue a prime UK RMBS deal was the news that the European ABS market had wanted for two years. Bankers clung to the mantra that everything would be OK if one of the big mortgage originators could successfully issue a large deal as the market disappeared overnight in 2007 and became a single-investor (the European Central Bank) product. So now such a deal is here is everything OK again? That’s...
