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Some deals resemble the bank SRT market but there is room for independent sponsors to put trades together
Market participants gathering in Stavanger will focus on market growth
Mezz and certificates go on offer, testing new execution strategy
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Relentless technical demand for ABS continued to drive pricing this week as another UK prime RMBS, Virgin Money’s Gosforth 2012-2, targeted a post-crisis record tight print, bringing funding levels closer to the Bank of England’s Funding for Lending Scheme.
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The Netherland’s Friesland Bank has offered to buy back five Stichting Eleven Cities RMBS at or above par, potentially enabling the lender to redeem the bonds early without the need for consent of other noteholders.
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Pepper, an Australian non-bank mortgage lender, is marketing a residential mortgage-backed securities deal targeting Stateside investors with a U.S. dollar slice.
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Spreads in new issue U.K. prime residential mortgage-backed securities are set to tighten further as initial guidance on Virgin Money’s Gosforth 2012-2 deal emerged at three-month LIBOR plus 50 bps, +/- three basis points on Thursday, ahead of expected pricing on Friday.
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Virgin Money is increasing its Gosforth RMBS by £250m to accommodate investor demand and is set to price the bond at a level that could compete with Bank of England funding levels.
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Investment bank Gleacher & Co. Securities has hired former UBS managing director Ted Kelleher to head its middle market fixed-income group.
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Virgin Money’s Gosforth 2012-2, which is being marketed to investors this week, is expected to be well-bid following the recent dearth of new issue securitization paper—but a sharp tightening may see some investors turn their back on the deal.
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Friesland Bank is tendering for bonds in several of its Stichting Eleven Cities Dutch residential mortgage securitizations at or above par, which could see the Netherlands-based mortgage lender take control of the majority of the outstanding bonds.
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The Netherland’s Friesland Bank has offered to buy back five Stichting Eleven Cities RMBS at or above par, potentially enabling the lender to redeem the bonds early without the need for consent of other noteholders.