BWICs circulate amid subdued primary ABS market
Several bids-wanted-in-competition (BWICs) hit the market on Tuesday afternoon, including a large list of sterling denominated UK prime RMBS bonds, traders said. The secondary activity came in spite of a subdued primary market — although deals are still thought to be in the pipeline.
On the bid lists, a large clip of Granite sterling bonds was particularly sought after, one trader said. Other bid lists showed CMBS paper, which outperformed last week when the rest of the market tone was softer, and some Irish RMBS.
Yesterday was a quiet day in the US,
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