Bloomberg News

European DataWarehouse Seeks 20 Million Euros for ABS Project

December 15, 2011

Dec. 15 (Bloomberg) -- The European DataWarehouse, a European Central Bank-endorsed project to collect information on asset-backed securities, is seeking as much as 20 million euros ($26 million) from a share sale.

ED will offer stock to ABS market participants in January, said Paul Burdell, the London-based chief executive officer of Link Financial Ltd., the project’s adviser. The cash will get ED started and cover about three years of running costs.

The ECB in Frankfurt intends to make loan-level data part of the requirement for accepting asset-backed securities as collateral for financing. Sapient Global Markets was mandated in November to build ED’s system, and Perella Weinberg Partners will manage the share sale.

Banks create asset-backed securities by pooling consumer and property loans into notes, which typically allow lenders to raise capital more cheaply than by issuing unsecured debt.

--Editors: Andrew Reierson, Paul Armstrong

To contact the reporter on this story: Esteban Duarte in Madrid at eduarterubia@bloomberg.net

To contact the editor responsible for this story: Paul Armstrong at parmstrong10@bloomberg.net


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