Santander retains €1.5bn of high LTV RMBS as senior casts shadow

By Tom Porter
20 Jun 2014

Banco Santander has done nothing to improve hopes of a meaningful revival of primary RMBS supply from Spain any time soon by opting to retain a large securitization of prime mortgages under its Fondo de Titulización de Activos programme.

The average spread on a bucket of single-A Spanish RMBS in the three to five year maturity has tightened from 216bp at the start of the year to just over 121bp this week as investors have chased periphery paper.

But despite almost constant enquiries from investors to ...

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