Credit Suisse places legacy UK non-conforming RMBS

By Joseph McDevitt
27 Jun 2013

Credit Suisse has successfully placed Alba 2013-1, a securitization of non-conforming UK mortgages that were mostly originated at the height of the UK property boom in 2006 and 2007, with the same handful of investors that bought Alba deals in 2012 and 2011.

The £200.2m of triple-A rated class ‘A’ notes, with 34.55% credit enhancement and 3.5 year weighted average life, were priced on June 19, but the details came to light only once the deal settled on Thursday June 27. 

The bonds were priced at a discount margin of 165bp ...

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