Leeds Building Society marked a successful RMBS return with class ‘A’ spread set at 68bp over Sonia after markets saw a respite from Brexit headline risk.
This was LBS’s fourth RMBS deal. The class ‘A’ bonds were 3.75 times covered, with nearly £1bn of orders for the £250m of bonds that were placed with investors. A £150m slice of the deal was retained.
The deal was priced at the tighter end of initial