First Sonia RMBS prices with huge demand for STS paper

Nationwide Building Society this week priced the first securitization benchmarked over Sonia, the UK’s alternative rate for sterling Libor. The Silverstone RMBS deal, which is also eligible for ‘simple, transparent, standardised’ regulatory treatment, was heavily subscribed by investors.

  • By Tom Brown
  • 15 Apr 2019

Arrangers BNP Paribas, Bank of America Merrill Lynch, Barclays and Citi sold the 'A1’ notes in line with guidance at three month Libor plus 57bp for the dollar tranche, and 75bp for the Sonia-linked sterling tranche.

“I think it is fair to say that the Sonia and STS ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Citi 3,237 10 19.12
2 Goldman Sachs 2,096 5 12.39
3 Morgan Stanley 1,965 5 11.61
4 BNP Paribas 1,686 6 9.96
5 Barclays 1,565 4 9.25

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 30,859.27 98 11.48%
2 JPMorgan 25,558.51 72 9.51%
3 Wells Fargo Securities 24,627.51 67 9.16%
4 Bank of America Merrill Lynch 23,023.30 73 8.56%
5 Barclays 16,546.45 55 6.16%