Bank of America Merrill Lynch (BAML) came to the market in May with a surprise UK non-conforming RMBS transaction. With this market having been dead since the onset of the crisis in 2007, the appearance of a deal – and a large one at that – was a notable event. But to herald the transaction as evidence of investor demand for non-prime UK RMBS might prove to be a triumph of hope over reality.
The deal itself, Moorgate Funding 2010-1, is £744.3
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