EMEA

摘要

Generous final spreads on obvion's Storm 2016-1 deal hinted at a widening in the primary market for Dutch RMBS, even as more buying by the ECB has squeezed similar paper in secondary. The trade, which priced last Friday, will include €405m in 1.9-year notes at 25bp over three-month Euribor. The tranche was 1.5x covered. An additional €1.395bn in 4.9-year notes were set at 40bp over three-month Euribor, with books 1.15x covered. There were no significant lead orders or pre-placements on the transaction. Central banks picked up a large chunk of the notes, buying 36% of the Al tranche and 39% of the A2 paper. Funds took on 34% of the Als and 21% of the A2s. Banks, meanwhile, purchased 30% of the Als and 33% of the A2s.