Investors push back on tight spreads for latest Irish RMBS

European investors bought into an Irish RMBS offering from Mars Capital late last week, but the pricing of the deal suggested some push back from buyers on steadily tightening European RMBS spreads.

  • By Sam Kerr
  • 18 Apr 2017

The €331.8m Grand Canal Securities 1 was structured by Citi and is backed by a portfolio of crisis-era legacy mortgages originated by Irish Nationwide Building Society and Springboard Mortgages from 2004-2008.

With pricing coming in at the wider end of guidance, investors are beginning to express some reluctance ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access: subs@globalcapital.com

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 6,665 23 13.02
2 Citi 5,781 17 11.29
3 BNP Paribas 3,530 14 6.89
4 Barclays 2,853 9 5.57
5 Credit Suisse 2,783 8 5.44

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 99,251.11 279 13.15%
2 Bank of America Merrill Lynch 90,895.27 265 12.04%
3 Wells Fargo Securities 72,661.39 222 9.63%
4 JPMorgan 52,367.24 169 6.94%
5 Credit Suisse 41,885.89 127 5.55%