Co-Op sells mezz of debut RMBS, retains most of the senior

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Co-Op sells mezz of debut RMBS, retains most of the senior

Co-Operative Bank has priced Warwick No. 1, a non-conforming RMBS deal that grew from an already formidable launch size of £1.19bn to £1.5bn. But though the entire capital stack was on offer, the bank’s treasury bought 65% of the deal’s class 'A' tranche.

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