EMEA

摘要

Warnings from policymakers about the impact of Brexit on the UK property sector failed to throw off the recovery in UK mortgage-backed spreads last week. While market participants described secondary as "softer", spreads remained considerably tighter than the levels spotted immediately after the vote. Buy-to-let paper blew out 40bp-50bp the day after the referendum result but was just 30bp-40bp wider than before the vote, according to traders. Prime owner-occupied RMBS is now 10bp-20bp wider than pre-vote, compared with 20bp-30bp wider early last week. "We softened up after the vote for a few days, but it seems to have come back pretty strong," said one trader.