EMEA

摘要

Yorkshire building society priced its fourth and smallest (in terms of bonds sold) UK RMBS on Friday morning after braving a difficult week for the capital markets. Brass no.4 was announced the previous Thursday, to roadshow on Monday and Tuesday, and found the environment considerably more troubling than it had envisaged at the outset, which meant printing a smaller amount than it would have liked. The issuer sold £500m of bonds from Brass No.3 last September, and £600m a year before that. This time, it went out with a benchmark deal again, which in the sterling market can mean £250m-£500m, and settled at the lower end at £300m. "Market conditions were very challenging. We considered not pressing on with the deal but had already launched and a number of indications of interest had already been received. But in that context, we are pleased to get a reasonably-sized transaction at a price in line with expectations," said Chris Parrish, head of treasury at Yorkshire Building Society.