Dollar bid holds firm as Holmes bags $2bn

Santander UK’s Holmes 2011-3 RMBS picked up an impressive $2bn of demand for its ‘A2’ dollar tranche this week. With European banks said to be struggling with dollar liquidity, the deal highlights the continued bid from ABS investors for secured dollar paper at the short end, and the resilience of the ABS market to the crippling volatility that is still hitting wider credit markets.