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This is the US asset manager's third deal of 2026, a year in which it plans to launch around $10bn of new paper
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Santander sold the first UK RMBS of the year on Wednesday, issuing a £2bn equivalent deal from its Holmes programme that was well received by investors.
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Lead managers ABN Amro, JP Morgan, Rabobank and Royal Bank of Scotland will offer the five year senior notes of ABN Amro’s Dolphin 2011-1 at 140bp over three month Euribor, the wide end of the 135bp-140bp price talk released on Tuesday.
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Holmes 2011-1, the UK’s first RMBS this year, should be at least £2bn equivalent in total, thanks in part to a Eu650m preplaced three year euro tranche, which sponsor Santander has added since Tuesday’s investor update.
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Guidance on ABN Amro’s Dolphin 2011-1 Dutch RMBS is 135bp-140bp over three month Euribor for the five year senior notes — 10bp inside the guidance on the last Dutch RMBS, Delta Lloyd’s Arena 2011, and inside secondary market bid prices. ABN Amro, JP Morgan, Rabobank and Royal Bank of Scotland are the lead managers.
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European RMBS investors were treated to roadshows from Santander’s Holmes and ABN Amro’s Dolphin master trusts this week, following a well covered market-opening print from Delta Lloyd’s Arena 2011-1 last Friday (January 22).
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Santander will bring the first UK prime RMBS deal of the year to market, through Holmes 2011-1. It has mandated BNP Paribas, Deutsche Bank, JP Morgan, and Santander GBM for a roadshow to start next week.
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Delta Lloyd’s Arena 2011-1 Dutch RMBS will close on Friday, according to syndicate bankers managing the sale.
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Guidance on Arena 2011-1, the first European RMBS of 2011, will be 105bp-110bp on the ‘A1’ notes and 145bp-150bp on the ‘A2s’, but deal progress has been slow, as harsher regulatory disclosure requirements start to bite.
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European ABS market participants say spreads have stayed solid ahead of the Standard & Poor’s criteria changes next Tuesday, which will see up to 90% of European RMBS go on CreditWatch Negative.