Not many parts of the structured finance market have managed to avoid fallout from the crisis in US sub-prime. South Africa seems to be one of them. However, as more and more issuers embrace the concept, supply has outstripped demand and spreads are trending wider.
Barry Martin, head of securitization at Rand Merchant Bank, a division of FirstRand Bank, says: “Spreads have been increasing slowly over recent months, long before any sub-prime problems in the US.
Access this research
Enter your work email address to sign in or check whether your organisation already has access to Euromoney.
