Investec non-prime RMBS shows ABS risk appetite
Investec’s legacy non-conforming RMBS, Residential Mortgage Securities 26, has been priced at par and comfortably inside its Gemgarto non-prime deal in April, demonstrating investors’ greater risk appetite in ABS.
Lead managers Investec and Deutsche Bank on Wednesday priced £150m of 4.93 year triple-A rated notes at a coupon of 225bp over three month Libor.The price is well inside Investecs Gemgarto non-prime deal in April, which is backed by mortgages originated after 2009, despite the weaker legacy ...
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