Godiva rides into UK RMBS market with retained Mercia deal

Godiva Mortgages, a subsidiary of Coventry Building Society, has retained a buy-to-let RMBS that provides a source of central bank collateral — but which could be sold to investors at a later date.

  • 12 Dec 2012

Mercia No1 includes a £718.2m ‘A1’ tranche with a 2.36 year weighted average life, which was priced at 90bp over three month Libor, and a £718.2m ‘A2’ tranche with a 5.23 year WAL, which was priced at 110bp over.

Both tranches have a triple-A rating and 12% credit ...

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Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 10,542 20 17.55
2 Bank of America Merrill Lynch (BAML) 6,103 21 10.16
3 Citi 5,130 13 8.54
4 JP Morgan 4,681 6 7.79
5 Morgan Stanley 4,137 11 6.89

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1 Citi 81,261.11 236 11.54%
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3 Wells Fargo Securities 57,637.40 170 8.18%
4 JPMorgan 53,570.42 158 7.61%
5 Credit Suisse 45,349.30 117 6.44%