Co-Op sells mezz of debut RMBS, retains most of the senior

By Graham Bippart
30 Apr 2015

Co-Operative Bank has priced Warwick No. 1, a non-conforming RMBS deal that grew from an already formidable launch size of £1.19bn to £1.5bn. But though the entire capital stack was on offer, the bank’s treasury bought 65% of the deal’s class 'A' tranche.

Sole arranger Bank of America Merrill Lynch, alongside joint lead managers Citi and Morgan Stanley, priced the deal on Tuesday.

Co-Op's treasury was attracted to the 125bp coupon that constituted initial price thoughts for the 'A' tranche, which comprised £1.088bn of the deal, according to ...

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