A large portfolio sale by a European bank is set to test market appetite for non-agency residental mortgage-backed securities (RMBS).

Sources say a list went out Monday for the $8.7 billion sale resulting from a European bank’s liquidation of five collateralized debt obligations (CDOs), PICAR 2009-1A - 5A, backed by the bonds. Bids will be taken next Tuesday, May 28. 

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