UK investors buy big in £ and € for Bumper 5
HSBC and RBS priced Bumper 5, a securitisation of UK auto operating leases originated by Leaseplan, on Monday. Issuance out of the euro tranche outweighed the sterling tranche, but UK investors were the largest participants in both, highlighting their desire for exposure to a rare UK asset class.
Around 446m of notes were sold from the A1 euro tranche and £212m of notes were sold from the A2 sterling tranche. The £46.1m double-A rated B tranche was retained, along with the £209.5m unrated C tranche.
UK investors took 66% of the deal across both tranches. Given
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