Investors push back on tight spreads for latest Irish RMBS

European investors bought into an Irish RMBS offering from Mars Capital late last week, but the pricing of the deal suggested some push back from buyers on steadily tightening European RMBS spreads.

  • By Sam Kerr
  • 18 Apr 2017

The €331.8m Grand Canal Securities 1 was structured by Citi and is backed by a portfolio of crisis-era legacy mortgages originated by Irish Nationwide Building Society and Springboard Mortgages from 2004-2008.

With pricing coming in at the wider end of guidance, investors are beginning to express some reluctance ...

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Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 7,026 25 11.95
2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

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Rank Lead Manager Amount $m No of issues Share %
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1 Citi 120,318.45 348 12.81%
2 Bank of America Merrill Lynch 99,988.41 288 10.64%
3 Wells Fargo Securities 88,516.28 265 9.42%
4 JPMorgan 69,240.12 209 7.37%
5 Credit Suisse 51,378.45 156 5.47%