Clydesdale Bank Latest to Plan U.K. RMBS
Clydesdale Bank announced the latest series of notes to be issued from its U.K. RMBS master trust program, Lanark that will offer both U.S. dollar and sterling tranches.
Lanark Master Issue Series 2013-1 is expected to be at least £500 million ($760 million). Barclays and Deutsche Bank are lead managers on both the dollar and sterling tranches. Citi will lead manage the dollar tranche and Lloyds will act as lead on the sterling tranche only.
Moody's Investors Service has assigned provisional ratings to the deal. The class 1A1 notes, denominated in dollars has been assigned ‘Aaa’ ratings and the sterling class 1A2 tranche has also been assigned ‘Aaa’ ratings.
The notes are backed by a pool of UK Prime residential mortgage loans originated by Clydesdale Bank and Yorkshire Bank Home Loans, a wholly owned subsidiary of Clydesdale Bank. This represents the forth issuance out of the Lanark Master Trust.
After a silent start to year, U.K. RMBS investor placed issuance has picked up in recent weeks. This latest deal follows last week’s Santander UK investor-placed £1.35 billion equivalent of sterling- and dollar-denominated RMBS issued via the bank’s Holmes Master Issuer PLC.
West Bromwich Building Society also announced its first investor-placed prime U.K. residential mortgage securitization of the year— a £380 million ($579 million) senior tranche from the deal Kenrick No. 2, earlier this month.