A large number of industry participants will be headed to Spain next week but the pipeline is sure to keep most in working order. By mid-week, bid lists totaled approximately 1.5 billion ($1.8 billion) and all bonds' levels reflected improved market conditions, said analysts at the Royal Bank of Scotland. One exception was E-MAC, which continues to require a General Motors Corp. spread premium.

HBOS' Permanent Financing No.8 was upsized from GBP3.5 billion to GBP4.56 billion ($6.36 billion to $8.29 billion) this week and priced at the slightly tightened guidance with discount margins in secondary trading on the break, even tighter for the euro and sterling denominated notes, said analysts at RBS. Citigroup Global Markets, Credit Suisse First Boston and UBS were the lead managers. The 5.3-year, euro denominated triple-A notes came in at 13 basis points over Euribor and the 6.5-year sterling A class priced at 15 basis points; while the dollar denominated one-year triple-A notes came at one basis point under Libor. The three-year notes priced at seven basis points and the 4.8-year tranche priced at 12 basis points. The increased size resulted in a further GBP500 million ($909 million) pre-placed tranche, with the remainder allocated across all three dollar denominated series.

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