Obvion maintains ESG crown with first RMBS of pandemic era

By Tom Brown
09 Mar 2021

Obvion has mandated Rabobank and Société Générale for its €500m Storm 2021-1 transaction, offering a single tranche to investors with a 75bp coupon over three-month Euribor, expected to price above par. The transaction is the issuer’s first since the Covid-19 lockdowns began.

The credit enhancement is 6% for the senior tranche, comparable to past transactions. Obvion has chosen to keep its deal structure simple and familiar in light of the pandemic, so that investors will have more reassurance when looking at the latest transaction.

Dutch RMBS volumes were down last ...

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