Barcelona -- According to preliminary results of a PriceWaterhouse Coopers survey of originators in the market, for first-time European ABS issuers, the primary objective of securitization is to secure funding, followed by capital relief.


Additionally, for these issuers, relationships tend to dictate behavior, as only 7% percent of respondents cited all-in cost as the most important factor in selecting arrangers for a transaction. Meanwhile, 45% cited personal relationships as the top factor in dictating arrangers, with price coming in second.


"You've got to work with someone you're not afraid to lift the phone to," said Kevin McGovern, a senior dealer at Nationwide Building Society.

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