Bank of America and Natixis squeeze RMBS through Libor cut-off window

PA-UK houses
By Tom Brown
24 Jun 2019

Paratus is bringing a UK buy-to-let RMBS via arrangers Bank of America and Natixis. The deal's coupons will be linked to the Libor benchmark rather than Sonia, to which the majority of the sterling securitization market switched over before the Global ABS Barcelona conference.

This is because the last Libor fixing for the deal occurs on December 12, 2021 before the step-up date, inching ahead of the January 1, 2022  deadline, which the Bank of England has marked for the discontinuation of Libor.

The Financial Conduct Authority (FCA) announced that support ...

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