interesting, page-6

Additionally to the UBS buy recommendation, I also think rams may announce it has completed a tranch of funding next week. Macquarie has just successfully wrapped up a AAA rated RMBS for $485m at 40 bp above the 1 month bbsr. Rams will look to test the market soon with a similar sized offer the main question is whether they will look to sell in australia or be more ambitious and look at the larger US and european markets.

Obviously I am not privy to any insider information.. but
I also think that the reopening of the market could encourage RHG's backers on its warehouse funding (NAB; ABN Amro and RBS Capital) to look at providing funding for its XCP - rams may be prepared to lockup funding at sensible levels early (say 30bp above LIBOR) and NAB and ABN are very likely to find these levels attractive (especially as they have a good handle on rams loanbook - unlike some random CDO from the US)




As I have been saying for 3 weeks now, RHG will refinance. Events are all conspiring to indicate that is likely to happen sooner than expected. While I see rams as a long term buy, I think short term traders could do well to buy and hold RHG for 2 weeks - they may make a killing