Corporate financing: Too big to survive?
One swallow does not make a summer. But following on from June’s quasi-CMBS deal by Tesco (CMBS: Tesco turns back the clock, Euromoney July 2009), July saw the launch of two structured financings backed by utility assets, one for Electricity North West, the other for Yorkshire Water. These are the first deals of their kind in Europe for some time. It is tempting to see these as a sign of a permanent thaw in the frozen securitization markets and a clear indication of a change in investor sentiment towards the asset class.
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