Bulletproof ABS still open for club deals

04 Aug 2011

Friary No. 1, the debut RMBS from Welsh building society Principality Finance, proves that primary supply can still come out in ABS when wider credit markets are collapsing.

The deal was not large — only £275m was sold to the market, with £200m preplaced — but following successful preplacements from Lloyds Banking Group’s Arkle and Sandown programmes two weeks ago, it demonstrates the strength of the structured finance market in a crisis situation.

"The sterling RMBS market ...

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