The fourth U.K. subprime RMBS deal priced last week, bringing total subprime issuance to date to 3.5 billion ($4.5 billion). Demand for the familiar U.K. non-conforming names drove pricing levels at the tight end of price talk, but for the new kid on the block, demand was somewhat reluctant.

Rooftop Mortgages Ltd., a relative new comer on the non-conforming RMBS scene saw its GBP125 million ($235 million) Farringdon Mortgages No.1 Plc price outside of indicative levels. The A1 class notes priced at 13 basis points over three-month Libor, two basis points wider than talk; the A2 class notes widened by three basis points, pricing at 20 basis points over Libor and the triple-B rated B1 class notes priced at 115 basis points, 10 basis points wider than original talk.

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