EMEA

摘要

Clydesdale bank has added some welcome prime UK RMBS supply to the pipeline, mandating Citigroup (sole arranger), Bank of America Merrill Merrill, Deutsche Bank, NAB and Santander as joint leads for its new issue. Lanark master issuer 2014-1 is expected to feature Triple A rated bonds denominated in euros and sterling, which roadshow in Amsterdam on Monday, Paris on Tuesday and London on Wednesday and Thursday. Clydesdale was last in the RMBS market in June 2013, printing US$300m and £350m of 2.92-year bonds at 50bp and 45bp respectively. Those are quoted around 45bp in both the sterling and US dollar tranches. Prime UK RMBS has been in scarce supply since the introduction of the Bank of England's funding for lending scheme in 2012 as a cheaper alternative to funding in the markets. A few large prime deals have been issued, but were more investor relations exercises than fund-raising projects. Issuers that had spent time making buyside contacts were keen to maintain these relationships and show commitment to the issuance programmes.