Co-op guidance comes with premium
Leads Barclays Capital, JP Morgan and Morgan Stanley released guidance on Co-op Bank’s new UK RMBS Silk Road No. 2 on Wednesday, following the result of the Greek vote. With cash prices on the benchmark Granite programme down this week amid dealers dropping inventory, the leads seem to be offering some premium to recent comparable UK primary issues.
Guidance is 150bp-155bp for the euro tranche and 155bp-160bp for the sterling tranche, reflecting the basis between currencies. Both offered tranches have average life of 2.56 years and credit enhancement of 19.5%.
Yorkshire Building Societys Brass No. 1, the most recent standalone UK prime deal, placed its A notes
Please take a trial or subscribe to access this content.
Contact our subscriptions team to discuss your access: email@example.com
To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: firstname.lastname@example.org or find out more online here.