Credit Suisse has won a US $3.7 billion bid list of 179 legacy non-agency RMBS bonds, market sources said on Tuesday, the biggest sale of its kind since the crash. The cover bid - the second-best offer for the list - was 73 cents on the dollar, a portfolio manager said.
Price talk had ranged between 20 to 90 cents for most items on the list, but the sale also included a small portion of prime securities which were talked above par, as well as a few out-of-the-money positions being offered at low low-single digits. "The question is, how much is Credit Suisse left with after filling client orders?" said Adam Murphy, president of Empirasign Strategies, a capital markets trade database.