Paragon euros fly in on 3.3x subscription

Paragon right size
By Tom Porter
17 Mar 2015

Paragon Mortgages is looking to leverage good demand for the senior notes of its Paragon 22 buy-to-let RMBS, with leads testing 10bp inside initial guidance on the euro portion.

Lead managers Lloyds, Macquarie, Morgan Stanley and Natixis had pulled in a 3.3x subscription for the AAA/Aaa rated €150m (£107m) 3.77 year Class A1 notes by Tuesday morning in London, revising guidance to 50bp-55bp over three month Euribor after initial price thoughts of 60bp area.

The AAA/Aaa rated ...

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