UK RMBS ‘on fire’ as further supply looms

The order book for London Wall Mortgage Capital’s UK buy-to-let RMBS Fleet 2018-1 has been opened amid high hopes it will meet the same buoyant demand seen in other UK RMBS sold this year. But with cheap central bank funding to be withdrawn and a potential £1bn sale of legacy mortgages coming up, some observers have their doubts that the rally can last.

  • By Bill Thornhill
  • 22 Jan 2018

Four classes of notes are on offer, with initial price guidance for the four year senior class with 20.2% credit enhancement set at mid-70bp area over three month Libor.

The ‘B’,’C’ and ‘D’ classes with 5.11 year average lives are under initial guidance of low 100bp, mid 100bp ...

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GlobalCapital European securitization league table

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

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 12,796.80 35 13.50%
2 Wells Fargo Securities 8,855.62 27 9.34%
3 Bank of America Merrill Lynch 8,771.28 25 9.25%
4 JPMorgan 7,423.52 25 7.83%
5 RBC Capital Markets 4,569.28 13 4.82%