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Mercedes ABS Sets Market Bar
- Mercedes Silver Arrows German Auto ABS priced about 10 basis points wider than pre-volatility secondary levels.
- Pricing provides market price certainty and helps build a curve amid volatile conditions.
Funding Circle's Pre-Placement Move
- Funding Circle did a 400 million pre-placed transaction in SME loans amid market volatility.
- The senior notes sold to BNP Paribas showed pragmatic use of private markets during uncertain public conditions.
CLO Market Faces Headwinds
- CLO market was hit by tariffs and risk retention rules, causing a pause in primary issuance.
- Despite volatility, investors feel pricing is now more sensible and orderly compared to earlier in the year.