Bank of Scotland launched its second RMBS, under Mound Financing (No.2); issuing US$650 million and GBP300 million floating-rate notes. The transaction is lead-managed by Citibank/Schroder Salomon Smith Barney, and once again employed the master trust structure. The transaction was issued in five tranches:

*Class A1 (rated Triple A by all three rating agencies) US$330 million priced at 3 month Libor + 16 basis points, with an average life of 2.77 years;

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