Second Warwick deal swells before pricing

By Graham Bippart
21 Sep 2015

The Co-Operative Bank’s second UK non-conforming RMBS from the Warwick shelf was priced on Thursday, swelling from £1bn to £1.65bn by the time the deal was sold.

The bank did retain 80% of the senior £1.241bn class, however. That was 10% more than Co-Op had initially expected to take down. The class was 1.1 times subscribed at the time of guidance, but only fully subscribed by the time the deal was priced.

That class, ...

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