First Sonia RMBS prices with huge demand for STS paper

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First Sonia RMBS prices with huge demand for STS paper

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File photo dated 04/09/14 of a Nationwide branch. The mortgage price war has been ramped up further as Britain's biggest building society has unveiled some of its lowest ever rates. | Jonathan Brady/PA Wire/PA Images

Nationwide Building Society this week priced the first securitization benchmarked over Sonia, the UK’s alternative rate for sterling Libor. The Silverstone RMBS deal, which is also eligible for ‘simple, transparent, standardised’ regulatory treatment, was heavily subscribed by investors.

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