The first asset-backed security trade to attract the
Prime Collateralised Securities (PCS) label was closed last
month. Heres how it could reinvigorate European
Bilkreditt 3, which is also the first public Norwegian auto
securitisation issued, was awarded the PCS label on November
Sponsored by the Association for Financial Markets in Europe
(Afme) and the European Financial Services Round Table, the PCS
initiative is the industrys effort to reboot the
securitisation market in Europe. The label is intended to be a
hallmark of quality, reassuring investors that a PCS deal is
simple and transparent.
The hope is that people embrace it and it becomes a
feature of the market, said Andy Vickery, the
London-based structured finance partner that led the Linklaters
team advising the joint lead managers on the deal. It
will help to eradicate some of the old...