Investec, the South African bank, is seeking to revive the market for subprime mortgage bonds in Europe three years after the securities were blamed for the worst financial crisis since the Great Depression, Bloomberg News reports.
Investec is selling as much as L130 million ($205 million) of top-rated five-year notes at a yield spread that is 16 times precrisis levels, according to two people with knowledge of the deal. The Paragon Group of Britain is also preparing a sale of nonconforming mortgage bonds.
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