Traders upbeat as buyback sees Granite mezz shrink by £340m

06 Jul 2012

Despite the loss of some liquidity, ABS traders have hailed the prices at which UK Asset Resolution Ltd repurchased outstanding Granite triple-Bs as an endorsement of the market itself.

UKAR, the government-owned holding company that owns Northern Rock Asset Management and Bradford & Bingley, revealed on Wednesday that it had bought back £534m of bonds across the mezzanine tranches in Granite, Aire Valley and Whinstone.

The buyback volumes and prices for Granite triple-Bs courted special attention because ...

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