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This is the first UK BTL RMBS since the Renters’ Rights Act came into effect
Funding Circle also placed the mezz notes for its SME loan transaction
Santander adds to euro pipeline with German consumer ABS
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Barclays Capital, Credit Suisse, Deutsche Bank and Santander will price Alliance & Leicester’s UK RMBS, Fosse Master Issuer 2010-1, today (Friday). On offer are 4.5 year average life scheduled amortisation floating rate tranches in sterling and euros and a 6.9 year soft bullet fixed rate sterling piece. The order book was covered at guidance of 115bp to 120bp during bookbuilding on Thursday, according to investors, with most demand in the euro and fixed rate sterling tranches.
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The order book for Alliance & Leicester’s UK RMBS Fosse Master Issuer 2010-1 had reached £1bn by Thursday morning, according to investors.
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Barclays Capital, Credit Suisse, Deutsche Bank and Santander have opened the books on Alliance & Leicester’s £1bn equivalent RMBS, Fosse Master Issuer 2010-1.
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Price whispers for Fosse Master Issuer 2010-1, the new £1bn equivalent RMBS from Santander’s UK subsidiary Alliance & Leicester, suggest the leads hope to price the deal in line with secondary spreads.
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Alliance & Leicester, the UK bank owned by Spain’s Santander, is marketing a £1bn RMBS, the first UK securitisation since the crisis not to feature explicit protection against extension risk.
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Alliance & Leicester, the UK bank owned by Spain’s Santander, is marketing a £1bn RMBS, the first UK securitisation since the crisis not to feature explicit protection against extension risk.
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The Co-operative Bank made its RMBS debut this week in a challenging market as sovereign contagion spread to the UK.
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Prepayment rates in UK RMBS have slowed dramatically, according to reports from the two biggest UK master trusts.
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Investor confidence in UK RMBS performance improved dramatically in the fourth quarter of 2009, according to a survey of market participants by Standard & Poor’s.