Dutch-based SNS Bank is the latest bank to publicly place a previously retained deal. After some restructuring that saw the spread raised to 115 basis points from 38 basis points, the bank sold the senior tranche off its Hermes XIV Dutch RMBS.

At the end of 2009, Friesland Bank also publicly placed the class A tranche of its Dutch RMBS, CIT11 4, also a previously retained transaction. That tranche had a high coupon of 140 basis points and step-up of 200 basis points, which made it an unusual bond in the retained universe and also aided execution.

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