UK RMBS trades keep coming despite stubborn sterling

By Tom Porter
13 Nov 2014

Precise Mortgages managed to fully cover its latest UK RMBS this week. But the trade had to combat the same investor apathy that has afflicted a string of sterling trades of late, just as Permanent TSB is lining up a return to UK RMBS through CHL Mortgages.

Arranger and sole bookrunner Credit Suisse priced the £189.5m triple-A ‘Class A’ bonds of Precise Mortgages 2014-2 at 95bp on Wednesday. The £10.925m double-A Class Bs were priced at 150bp, the £12.029m single-A Class Cs at 190bp and the £12.535m triple-B Class Ds at 240bp.

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