Berica comes at tight end despite pricing delay

By Owen Sanderson
23 Jun 2014

Berica ABS 3, the new RMBS from Banco Popolare di Vicenza (BPVi), priced at the tight end of guidance on the back of a €1.9bn book, despite delays in the marketing process and the large volume of Berica paper outstanding in the market.

The deal was helped over the line by commitments from lead managers to subscribe some of the bonds, which encouraged other investors to get involved in the transaction. Arrangers BPVi and JPMorgan and leads Barclays, Deutsche Bank and Santander showed initial price thoughts of 115bp over three month ...

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