Investors spent the start of last week chasing £525m of mezzanine UK paper after cerberus pushed out a £3.9bn refinancing of Northern Rock mortgages the previous Friday. The RMBS was pre-placed, with its £2.976bn Class A1 heard to be going to two accounts - a Japanese bank and a global asset manager. That left £525m of mezzanine tranches taken down by the trading desks of Bank of America Merrill Lynch and Morgan Stanley. Investors were told late on Friday afternoon or Monday morning that the mezzanine paper was for now sale.
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