Obvion made the most of a receptive investor base eager for prime euro ABS supply, increasing the first Dutch RMBS of the year by 50% and achieving the tightest spread since 2007 in the five-year tenor. storm 2015-1, with a single 5.2-year Triple A tranche through Rabobank and Societe Generate, was increased to €1.9bn from an earlier indication of around €1.25bn. Being the first Dutch RMBS of the year meant that Obvion had to establish a true clearing level against a disconnect between secondary and primary markets, according to syndicate officials and traders.
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