The primary market in asset-backed securities (ABS) has been all but closed, for obvious reasons. But half-a-dozen public or private deals have been done this year, backed by asset types that do not make investors feel nervous.
As this market struggles to come back to life, Royal Bank of Scotland (RBS) has been especially visible. Of those six transactions, it has arranged two, or even three (if ABN AMRO now counts as RBS).