Buyers undeterred by Obvion tightening

By Tom Porter
12 Mar 2015

Investors had taken the order book for Obvion’s single tranche Dutch RMBS to well over €2bn on Thursday, despite the lender pricing five year notes where it was pricing two years barely six months ago.

Lead managers Rabobank and Société Générale had over €2.3bn of interest for the yet to be sized 5.2 year senior notes by Thursday morning, having sharpened guidance to 26bp over three month Euribor at that stage.

The provisional pool for Storm 2015-1 is only €1.4bn, but the leads ...

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