The announcement in mid-August that UK mortgage lender Santander was due to launch its fourth prime RMBS deal of 2010 might give the impression that the RMBS market in Europe is returning to health. This remains very far from the case. Deals have been done but they have been almost exclusively triple-A – as this £1.25 billion ($1.9 billion) one is likely to be – and almost universally pre-placed to some degree with JPMorgan’s treasury arm.
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