'Near prime' Precise Mortgages piques UK investor interest
Charter Court Financial Services’s first ever securitization of non-prime UK mortgages, Precise Mortgage Funding No1, has attracted strong demand from investors, which is good news as the borrower plans to use the RMBS market on a regular basis.
Arranger and sole lead manager Credit Suisse started testing investor appetite at the end of last week at initial price thoughts of 110bp-120bp over three month Libor for the £134.5m of triple-A rated ‘A’ notes. The tranche has 21.10% credit support and 3.8 year weighted average life.
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