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Investec is gauging investor appetite for a new sterling denominated deal from its Residential Mortgage Securities shelf.
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Dutch mortgage lender Obvion completed the first public ABS deal of the autumn on Thursday, pricing its Storm 2012-4 RMBS at levels that offered generous premiums for investors and suggested that issuers may be reluctant to print too close to secondary levels.
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Obvion will nearly triple the size of its Storm RMBS, following rapacious demand for the ABS market’s first post-summer public deal.
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Obvion’s STORM 2012-IV Dutch residential mortgage securitization is set to launch and price Thursday, with initial guidance confirming strong demand from an investor pool starved of recent euro-denominated issuance and new Dutch paper in particular.
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A bids-wanted-in-competition list comprising U.K. commercial mortgage-backed paper and some rarer German small-to-medium enterprise collateralized debt obligations saw four of its five bonds trade late on Tuesday.
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Obvion’s Storm 2012-4 RMBS attracted around €1.6bn of orders on Wednesday morning, leaving the deal well oversubscribed and allowing leads to tighten price indications on the A2 tranche.
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Several second tier U.K. lenders are said to have put on hold plans to roll out residential mortgage-backed issues as a result of the Bank of England’s Funding for Lending Scheme, again raising concerns about the impact the program will have on securitization volumes.
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Stateside, investors were seen clamoring for one lone ABS deal, a farm and construction equipment transaction from John Deere Capital, that priced tight amid the otherwise barren ABS primary landscape. -
Leads on Obvion’s Storm 2012-4 RMBS, JP Morgan and Rabobank, have resisted the urge to be overly aggressive with initial price thoughts for the deal.
