Sterling securitization slips as Silk Road hits wide end
Thinner liquidity at the end of the year and sterling buyers that know when a deal is struggling pushed Co-op Bank’s RMBS market return wide of guidance on Tuesday, pointing the way to a market that’s ready to shut up shop, outside of central bank-eligible sectors.
The £650m senior notes in Silk Road Finance Number Six, Co-operative Bank’s return to the public RMBS markets, saw pricing come out at 85bp over Sonia, wide of the initial 75bp-80bp level. The deal was jointly arranged by Bank of America Securities and HSBC.Some large ...
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