Month-end Issuance will topple last year pace. According to figures reported by the Royal Bank of Scotland over $14 billion (U.S. equivalent) of funded European ABS notes priced last month well surpassing the $8.2 billion that priced last April. A total of $61.8billion has already priced this year and April issues place Italian volumes at $3.9 billion equivalent. This is slightly ahead of the U.K. issuance recorded at approximately $3.7 billion.
Judging by the line-up, May is shaping up to be a busy month. Norwich Union is expected back in the market with an equity release mortgage securitization. This will be NU’s third time in the market. The product targets borrowers over the age of 60 wanting to exchange equity in their property for a cash payment. Norwich's prior Equity Release 1 and Equity Release 2 both offered 22-year tranches coupled with a shorter 10-year note.