Pimco leans on pre-sounding for latest Irish RMBS offer

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By Owen Sanderson
18 May 2020

Levels on offer in the public securitization markets didn’t hit Pimco’s targets for class B notes in its new Irish RMBS, Fingal Securities, while placement of the class 'A' notes lent heavily on a group of pre-sounded accounts to derisk the deal's execution.

On offer in the original deal announcement were the €42.6m class ‘B’ notes of the deal and part of the class ‘A’.

After a week of marketing though, the class B did not end up publicly placed. The class 'A' though remained anchored by the group of investors that put ...

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