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“We are paying a 9% coupon on our lower tier 2 debt so why would we sell our equity pieces for 10% to 12%?” |
If imitation is the sincerest form of flattery, the brains behind Kensington Mortgages must be having trouble keeping their egos in check. The UK non-conforming mortgage lender pioneered the capital markets-funded monoline business model – a model that is now being increasingly adopted in the UK and continental Europe.
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