Santander Consumer Bank's Bilkreditt 3, a Norwegian auto ABS, this week became the first deal to be tagged with the prime collateralized securities (PCS) stamp of approval.

The PCS criteria was designed as a way to label European top-tier deals that fulfill certain criteria outlined by securitization industry groups; such as meeting specified reporting standards; involving assets directly tied to the “real” economy and holding at least two ratings. In addition, only senior tranches are eligible.

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