Bank bid takes Storm tighter

By Owen Sanderson
24 Sep 2014

Five year notes in Obvion’s Storm 2014-III Dutch RMBS could be priced at 35bp tomorrow, after lead managers Rabobank and Citi issued guidance of 25bp-30bp on the class A1 notes and 35bp-40bp on the class A2 notes, from initial price thoughts which were 5bp wider.

An ABS syndicate manager away from the deal described the spreads as “very tight, with investors all jumping aboard”. He said the strong reception for Storm was probably down to the depth of the bank bid “riding on the coattails of the ECB juggernaut”.

The leads have orders ...

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