Real money rides high in Holmes book
Asset managers took nearly 60% of Santander’s Holmes 2011-1, with only a handful of trading accounts in the book, according to a syndicate banker from one of the leads. Banks took 26.5%, with agencies taking 7.27% and insurers taking 6.84%.
As expected, UK accounts took most of the deal, accounting for 51.43%. The two dollar tranches, one of which was the $500m preplaced A1 money market tranche, helped US accounts make up 32.78% of the book, with the remainder split largely across Europe.
Deal size was close to
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