Granite mezz roars but pipeline still paltry
The secondary market for UK mezzanine RMBS has opened 2011 with a bang, with Granite mezz pieces having risen three points in two days by Thursday. But the strong secondary backdrop has failed to flush out primary deals, with no new European ABS expected this week and only vague rumours for the week ahead.
Dealers attributed the rise in Granite mezz which is now offered at 60, up from 50 in the middle of December and 57 at the beginning of the year to strong US interest.
"Some US fast money accounts have started to play the dealers, in what
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