Bold execution pays off for Silverstone
Nationwide has sold $3.58bn-equivalent of UK prime RMBS from its Silverstone master trust, showing that traditional ABS execution – week-long marketing and multi-day bookbuilds – can still deliver the goods in volatile markets.
Dollar demand was the foundation of Silverstones success, with $3.25bn of total demand in the currency. Three years has been the sweet spot in previous issues, and the three year dollar piece accounted for $2.75bn of the deal this time around.
Leads Bank of America Merrill Lynch, Barclays Capital,
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