With the A tranche rated investment grade and the B notes a few notches into high yield, the books had starkly different investor profiles. ABS veterans of the European market bought into the A tranche, while the B book consisted wholly of emerging market buysiders. "[The ABS investors] were looking at the structure [and asking] what do we need to get in a return?" said a source close to the deal. He added that the emerging market crowd took outstanding Ukrainian bank paper as a benchmark, given the ratings proximity. The deal was Reg S, ending up entirely with European investors.
Following the lead of its peers, UBS is understood to be eyeing