Near prime Precise Mortgages piques UK investor interest
Charter Court Financial Services’ first securitization of non-prime UK mortgages, Precise Mortgage Funding No1, attracted strong demand from investors. The borrower plans to use the RMBS market regularly.
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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