Storm tests tighter

25 Jan 2012

Rabobank and Société Générale, lead managers on Obvion’s Storm 2012-1 Dutch RMBS, are looking at levels for the ‘A1’ notes 5bp-10bp inside the initial 120bp guidance, released on Tuesday.

Class ‘A1’ is a €150m two year tranche.

Guidance on the €550m five year ‘A2’ notes remains unchanged at 155bp.

‘A1’ notes on the last Storm deal came at 120bp, although the programme went as tight as 90bp early in 2011.

Dutch issuers often print ‘A1’ notes flat or inside secondary levels, since ...

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