Pimco takes benchmark Warwick private in new RMBS

By Owen Sanderson
16 Sep 2020

Pimco has done another private pre-placed RMBS under the Avon Finance brand, with Citi acting as risk retainer and sponsor. The deal refinances Warwick Finance One, one of the largest UK non-conforming deals ever done and whose senior notes formed a de-facto market benchmark for the asset class.

The US investor struck a similar deal before the summer, calling Warwick Finance Two and replacing it with a private pre-placed RMBS dubbed Avon Finance No 1, with Barclays acting as risk retention holder, sponsor and arranger rather than Citi.

Both banks have played this role for Pimco ...

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