Trading activity picked up noticeably as a host of BWICs hit the market. Ticket sizes were small but very varied, from senior prime Dutch RMBS down to the junior notes of a collateralised fund obligation or CLO equity. A broker said that Dutch Class A2 bonds with about four years remaining had traded at a spread of 18bp last week, giving the example of storm 2014-Ⅱ A2. A €2.6m piece of storm 2012-Ⅲ A2, meanwhile, covered at a price of 103.065. For that bond the broker equated a 103 cash price to an 18bp margin.
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