BWICs give secondary market a shot in the arm
A clutch of BWICS on Thursday and Friday provided the secondary market with a handy injection of ABS supply — a change from January and early February, where prime asset classes were largely bid-only.
Among the assets on the bid lists were Granite paper, UK non-conforming and buy-to-let RMBS and Spanish, Italian and Portuguese RMBS. There would be six BWICs in two days, traders said, as banks looked to step up deleveraging and move assets off their balance sheets.
"In January the
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