Silverstone guidance comes flat to Santander

11 Oct 2011

Guidance on Nationwide’s Silverstone RMBS is identical to where Santander UK placed Holmes 2011-3 three weeks ago, reflecting Silverstone’s status as a top tier issuer in the UK market, as well as the solid spread performance of the wider senior RMBS market.

Silverstone is offered at 155bp over Libor area for the three year dollar tranche and 165bp over Libor area for the five year sterling.

Holmes 2011-3 came at the same levels for these maturities — broadly flat or inside secondary levels in UK prime. Four year sterling denominated Holmes ...

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