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.

  • 19 Sep 2012


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 Investec’s Gemgarto non-prime deal in April, which is backed by mortgages originated after 2009, despite the weaker legacy ...

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1 BNP Paribas 13,823 26 18.14
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3 Lloyds Bank 7,202 22 9.45
4 Citi 6,256 16 8.21
5 JP Morgan 5,220 8 6.85

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