Non-conforming RMBS returns in Dutch, UK deals
Credit Suisse has closed the first UK non-conforming RMBS of the year, ALBA 2012-1, at a higher discount margin than last year’s ALBA issue. Meanwhile, a rare Dutch non-conforming RMBS was priced tighter than the new ALBA offering in a private placement.
The sole bookrunner priced the £179.7m A tranche at 350bp over three month Libor on Wednesday, selling the notes at 95.784. ALBA 2011-RP1 came at a discount margin of 300bp over. This years issue boasts better collateral quality, with 92% current loans.
The A tranche has credit enhancement
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