UK RMBS trades keep coming despite stubborn sterling

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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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