Excess Spread — Smorgasbord on screens, Lux life, world's smallest violin

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Excess Spread — Smorgasbord on screens, Lux life, world's smallest violin

Owen Sanderson's avatar
  1. Owen Sanderson
5 min read

Excess Spread is a little truncated this week as the pandemic finally caught up with the author. Normal service hopefully resumed next week.

There was a time, not so very long ago, when ABS and RMBS primary would open up in January at a genteel, relaxed pace, unfurling like an early snowdrop once other fixed income markets were already at full bore. Obvion’s Storm shelf and VW might start off proceedings, accompanied by one of the UK master trusts, setting floor levels for the rest of the market to price over.

That’s….no longer the case. There’s a smorgasbord of supply on screens, led off by the UK specialist mortgage lending sector, and the multiples of oversubscription suggests the buy side has come into 2022 with their buying boots firmly on.

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