Peripheral yield draws new ABS buyers, but investors question rally

Union De Créditos Inmobiliarios (UCI) expanded the investor base for its Prado Spanish RMBS shelf in its latest deal despite taking a bullish stance on pricing. However, not all investors are convinced the peripheral rally will last.

  • By David Bell
  • 19 Oct 2016
A total of 21 investors participated in the UCI deal, which saw €319m of paper placed with investors at a spread of 65bp over three month Euribor. According to one of the leads on the most recent deal, the issuer’s previous outing saw just 12 investors taking part, ...

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Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 7,026 25 11.95
2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

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1 Citi 111,131.36 317 13.04%
2 Bank of America Merrill Lynch 96,639.32 283 11.34%
3 Wells Fargo Securities 81,749.66 249 9.60%
4 JPMorgan 61,554.22 191 7.22%
5 Credit Suisse 44,689.16 138 5.25%