It’s been exactly one year since ‘Prime Collateralised Securities,’ (PCS) the prestige label for European deals that meet certain criteria, was announced at IMN’s Global ABS Conference in Brussels in 2012. 

The label was designed to be a simple way of communicating and identifying securitizations that meet predefined best practice standards with regard to quality, transparency and standardization.  Its sponsors hoped that promoting these standards would make this asset class more appealing to a broader base of investors, and that this, in turn, would boost issuance and improve liquidity in the secondary market. So far, the initiative’s success has been limited.

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