The market focus in Europe is now on the first true U.K. RMBS since the 2007 issue from Santander U.K., FOSSE 2010-1. The deal priced and closed today.
The deal, which was built through traditional book-building and investor roadshows in the U.K. and Europe, was originally targeted at £1 billion ($1.5 billion). However, as a result of strong investor demand, the deal was upsized to £1.4 billion. Barclays Capital, Deutsche Bank and Credit Suisse are all leads on the deal along with Santander.