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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2 JP Morgan 4,494 5 9.83
3 Citi 4,296 9 9.40
4 Bank of America Merrill Lynch (BAML) 3,067 11 6.71
5 Lloyds Bank 2,346 10 5.13

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