Storming sterling securitization run continues
The strong conditions in the sterling denominated securitization markets continued this week, with Close Brothers’ Orbita 2020-1 auto ABS priced on Tuesday and Cerberus’s Towd Point Mortgage Funding 2020-Auburn 14 on Wednesday. Both deals saw large oversubscription levels on the relatively limited volume of bonds available, following the precedent set by the RMBS deals that were priced in January.
Auburn 14 had only mezzanine bonds on offer, after the class ‘A’ notes were preplaced — likely with some of the same investors that anchored Auburn 11, the deal it refinanced.The mezzanine bonds were on offer through a normal syndication process. At the first book update on ...
Please take a trial or subscribe to access this content.
Contact our subscriptions team to discuss your access: email@example.com