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JP Morgan and RBS Financial Markets last Friday priced Leek Finance No 12, the latest securitisation of non-conforming mortgages for Platform Funding, a subsidiary of Britannia Building Society.
The senior notes came at 22bp over their respective interbank rates ? the tightest levels in over a year.
The most recent comparable transaction, Kensington Mortgage Co's Residential Mortgage Securities 17, came at 27bp over in early February for a one year average life.
Leek's success was driven by strong demand for ABS in dollars, euros and sterling, but particularly in euros. Only the triple-A notes were offered in dollars, as pan-European demand...