The European pipeline is awash with RMBS deals, most of them concentrated in the UK as issuers hurry to beat a new round of Brexit uncertainty. Out of the five RMBS deals making their way through the market however, only one is set to qualify for the ‘simple, transparent and standardised’ (STS) regulatory regime, as levels of STS issuance from the banking sector appears to have slowed.
The latest SBOLT deal, a securitization of marketplace loans originated by Funding Circle, is being issued by Waterfall Asset Management and arranged by Deutsche Bank. The senior notes are being guided at around 120bp over one Libor. Classes ‘B’ to ‘D’ are guided in the high 100bp to
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