UniCredit pre-places Newstone RMBS as demand opens door for funkier assets

By Tom Porter
08 May 2014

UniCredit pre-placed a £208.5m four year securitization of non-conforming UK mortgages inside 100bp this week, following on from a more broadly syndicated trade from Bank of America Merrill Lynch as strong demand for paper helps issuers repackage long-held assets.

“Demand for debt is extremely strong and underlying prices have rallied a long way,” said one ABS syndicator away from both transactions on Thursday. “That has made trades attractive that perhaps weren’t previously. Both Moorgate and Newstone were assets owned by the respective institutions for an extended period ...

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