Kensington deal tightens as pipeline churns

PA-rows of houses
By Tom Brown
11 Jul 2019

Kensington priced its Finsbury Square RMBS deal on Thursday at 103bp over Sonia, tight of initial price thoughts (IPTs) of 105bp-110bp, despite the fact that many UK and European investors have stated that they are fully allocated in securitized products at the moment.

That the deal ended up tight of IPTs is a demonstration of investor preference for familiar issuers in a busting European securitization market. The deal was comprised of 20% buy-to-let loans.

“It continues to be a difficult market, but talks of the rate cut are providing some support in ...

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