UK banks still seeking stateside ABS funding
The European primary ABS market picked up this week, most notably with Nationwide’s first RMBS from its Silverstone master trust. But while demand remains high and prospective issuers are multiplying as banks come out of their full year results blackout, dealers and investors expect to continue relying on auctions of legacy assets to get hold of paper.
Nationwide turned to the US for its first Silverstone RMBS of 2012. The investor reception did not disappoint, with $4.85bn of interest for the two dollar tranches. A substantial five year print also added some duration to the price advantage from issuing in dollars.
Lead managers Barclays Capital,
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