Goldman sells RMBS mezz in reverse Dutch auction

By Tom Brown
03 Dec 2019

Goldman Sachs priced a €350m Dutch RMBS on Monday, with the senior class ‘A’ notes landing with a discount margin of 48bp over three month Euribor. Excluding the class ‘A’ notes, the capital stack was sold using a reverse Dutch auction.

Bank of America, BNP Paribas, Goldman Sachs, ING and Natixis were joint lead managers on the deal, called EDML 2019-1, which qualified for the ‘simple, transparent and standardised’ (STS) framework.

Rabobank's research team said that, similar to a recent Tulp Hypotheken Tulip deal, the senior tranche “seemed to ...

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