Obvion drops call for extra-long Storm RMBS

Obvion placed an ultra-long European residential mortgage-backed security on Thursday, dropping the usual five year call from its Storm prime mortgage shelf, and extending the weighted average life of the notes over 10 years.

  • By Owen Sanderson
  • 19 Feb 2018

The deal is understood to be in response to specific demand. The entire €1.25bn class 'A' tranche was preplaced at announcement at a spread of 70bp over three month Euribor.

JP Morgan and Rabobank were lead managers on the deal, which was branded FORDless Storm 2018 — FORD ...

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Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 15,256 32 17.31
2 Bank of America Merrill Lynch (BAML) 9,637 29 10.93
3 Citi 8,264 22 9.37
4 Lloyds Bank 7,329 24 8.31
5 JP Morgan 6,580 10 7.46

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4 Wells Fargo Securities 92,651.83 270 7.96%
5 Credit Suisse 76,251.01 205 6.55%