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 ...

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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) 3,136 9 13.58
2 Citi 2,562 6 11.09
3 Goldman Sachs 2,150 3 9.31
4 Credit Suisse 1,822 6 7.89
5 Societe Generale 1,814 4 7.86

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Rank Lead Manager Amount $m No of issues Share %
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1 Citi 41,255.30 117 12.99%
2 Bank of America Merrill Lynch 37,631.92 109 11.85%
3 Wells Fargo Securities 32,082.26 89 10.11%
4 JPMorgan 20,969.41 64 6.60%
5 Credit Suisse 16,754.47 44 5.28%