Alliance and Leicester came to the market in early March with a £1.4 billion ($2.1 billion) RMBS issue through its Fosse master trust. This was the UK lender’s first issue since its acquisition by Santander. Led by Barclays Capital, Deutsche Bank and Credit Suisse, the deal set a positive tone to the market, being upsized from an initial £1 billion and attracting more than 40 investors to the book. It incorporated three tranches: fixed-rate and floating-rate sterling and floating-rate euros, and priced at 120 basis points over.
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