October's new-issue pipeline saw another 4.7 billion ($5.6 billion) added at the close of last week, as two U.K. RMBS deals were announced.
Marketing began for the GBP960 million ($1.6 billion) Leek Finance # 16, the U.K. RMBS deal from Britannia Building Society, led by The Royal Bank of Scotland. Leek's loan portfolio includes 37% non-conforming mortgage loans originated by Platform Funding, 29.4% investment-home loans originated by Platform, 19.9% conforming loans and 13.7% nonconforming loans originated by Kensington Mortgage Co. The provisional pool had a 75.9% weighted average LTV and five months of seasoning. Leek offers fast and slow pay 0.53-year and 2.98-year average life senior notes, offered in dollars, euros and sterling, along with three subordinated tranches, offered in euros and sterling.