UK RMBS – an asset for all seasons?

UK RMBS has been the biggest asset class in the resurgent European ABS market, with a handful of originators placing multi-billion deals, and a steady stream of debuts from smaller names. But the largest deals still lean heavily on the bid from US investors, and spreads have stayed stubbornly high – keeping banks like Barclays away from the RMBS market, and keeping mezzanine notes on bank balance sheets. Owen Sanderson reports.