The long-anticipated mortgage-backed securitization from U.K. building-society-turned-bank Northern Rock hit the markets in mid-September.

The GBP600 million ($970 million) deal, arranged by JP Morgan, was split into a 3.8 year tranche rated triple-A by Moody's and Standard & Poor's and a seven-year piece rated single-A. The senior tranche priced at 28 basis points over three-month Libor and the junior chunk came in at 75 over.

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