EMEA

摘要

UK non-conforming RMBS moorgate funding 2014-1 beat the previous batch of post-crisis deals by selling just under £485m of bonds, right down the capital structure. The senior tranche, however, came wide of original indications. The transaction is backed by mortgages that Kilimanjaro Asset Management bought from Mortgages PLC, Wave Lending, Close Brothers, Paragon Mortgages and Edeus Mortgages Creators. The deal has its roots in the crisis era, as most of the underlying loans were originated in 2006 and 2007 and four of the five originators are no longer active - only Paragon is still lending. This contributes to the very long seasoning of 83 months, and has also had an influence on the capital structure, with the issue pricing at a discount to par to boost the discount margin to market levels.