Santander's UK RMBS guidance

Guidance is out on Holmes 2011-1, the first UK RMBS of the new year. Leads BNP Paribas, Deutsche Bank, JP Morgan and Santander GBM are offering the 2.9 year average life dollar tranche at around 135bp over three month Libor, the 4.9 year average life euro tranche at 145bp-150bp over three month Euribor, and the 4.9 year average life sterling tranche at around 145bp over three month Libor. The $500m 0.9 year average life dollar tranche has been preplaced.