EMEA

摘要

Buyers chased Italian RMBS spreads tighter in the secondary market last Monday, sending two-year notes to a discount margin of 80bp-85bp. Earlier in the year, similar paper had widened as far as 95bp-100bp, traders said. Short-dated notes from Intesa and Cordusio RMBS programmes tightened even further on Monday, with 1.3-year paper seen at a discount margin of 75bp. Senior Claris 2014 RMBS notes were being offered at a discount margin of 90bp, while notes issued by Banco Popolare were spotted at 85bp. The spread pressure was partly the byproduct of healthy activity in the sector last week, when several Italian BWICs received ample coverage. Notes from Banca Nazionale del Lavoro's Vela 2014 issue were covered at a discount margin of 95bp, one trader said. A BWIC for the group's previous issue was also covered at around 85bp.