Programmatic Issuance and the Rise of Pre-Placed Deals
The discussion explores whether ABS issuance is becoming more programmatic, with issuers clustering into brief windows of market calm. The growing prevalence of pre-placed and privately placed transactions is examined from both issuer and investor perspectives, including the trade-offs around liquidity, book building, and long-term programme health. The blurring of public and private markets is highlighted as a structural trend.