UK RMBS investors reaching for yield

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By Bill Thornhill
24 Jan 2018

Demand for the most junior tranches of UK RMBS Fleet 2018-1 jumped on Wednesday, even as spreads tightened, in contrast to price sensitivity in the senior tranches. At the same time, Clydesdale showed in its latest Lanark RMBS deal that the cost advantage compared to covered bonds has improved.

The ‘A’, ‘B’,’C’ and ‘D’ classes of London Wall Capital’s Fleet 2018-1 RMBS were priced at 72bp, 100bp, 140bp and 180bp, respectively.  

Demand for the £265.032m A class notes stood at £477m when spreads were guided at 72bp-75bp, but since the last revision almost £80m of demand ...

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