Co-op’s Silk Rd guidance gives investors juice
Leads Barclays Capital, JP Morgan and Morgan Stanley released guidance on Co-op Bank’s new UK RMBS Silk Road No. 2 on Wednesday at 150bp-155bp over Euribor for the euro tranche and 155bp-160bp over Libor for the sterling tranche. This is well outside secondary levels for UK prime deals from Lloyds or Santander UK, which are still quoted with a 130bp handle for comparable three year maturities.
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