Brass No.2 set to break post-crisis record as tight spreads hit home
Yorkshire Building Society’s Brass No.2 RMBS is set to be the tightest UK RMBS since the financial crisis. The fall in absolute yields of new issues over the past two months could force RMBS back into more borrowers’ plans — though the buy-side is already lamenting the loss of absolute value.
Leads Barclays, Deutsche Bank and JP Morgan started taking indications of interest on Thursday morning on Brass No. 2. They began with initial price thoughts of 60bp-65bp over three month Libor for the £500m of 1.85 year A1 notes.
The price level is further confirmation of the drastic
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