Santander Spices up Pipeline with End-of-Summer RMBS Deal

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Santander U.K. is slated to price its prime U.K. RMBS on Wednesday, according to a Reuters report.  

The deal, dubbed Holmes 2011-3, will be managed by Santander, Bank of America Merrill Lynch, Citigroup  and JPMorgan.

The capital structure will include four U.S. dollar-denominated tranches, one in euro and another in sterling.

The Class A1 is expected to be a maximum $500 million in size and, according to the Reuters report, is being talked in the 13 basis point area with a 0.8-year average life.

The Class A2 is also U.S. dollar-denominated and is being marketed with price talk at 155 basis point area with a 2.9-year average life.

The Class A3 notes, which are also averaging 2.9-years but shown as a maximum €250 million, is being talked at 140 basis point area.


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