U.K. building society Abbey National recently closed the biggest ever European mortgage backed securitization. The GBP2.2 billion ($3.3 billion) deal - called Holmes Financing - is backed by a pool of 128,000 first-tier residential mortgages located in England and Wales with a value of almost GBP7.2 billion (ASRI 7/17/2000 p.8).

Schroder Salomon Smith Barney structured the deal and also acted as lead manager. Eleven other syndicate desks were brought in on Abbey's insistence, including Credit Suisse First Boston, Merrill Lynch, Deutsche Bank, J.P. Morgan and Warburg Dillon Read.

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