Phedina Dutch RMBS bucks market softness

BNP Paribas Personal Finance beat out deteriorating conditions to price its €1bn Phedina Hypotheken 2013-1 Dutch residential mortgage-backed deal in line with earlier guidance. Widespread softening has caused other new issue paper to print wider than anticipated this week.

  • By Joseph McDevitt
  • 13 Jun 2013
The 1.92 year €175m class ‘A1’ tranche, assigned triple-A equivalent ratings by Fitch Ratings and Standard & Poor’s, was priced at three month Euribor plus 30bp and was mostly retained. The longer 4.96 year €765m 'A2s', also rated triple-A, was printed at 85bp above the same benchmark, in ...

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1 Bank of America Merrill Lynch (BAML) 4,755 19 11.75
2 Citi 4,288 14 10.60
3 Rabobank 2,633 4 6.51
4 Goldman Sachs 2,615 4 6.46
5 Barclays 2,603 8 6.43

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3 Wells Fargo Securities 64,351.96 203 9.92%
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5 Credit Suisse 37,323.31 115 5.75%