European primary market RMBS issuance has been light in recent weeks, which is typical for the month of August. Only three mortgage securitizations have come to market in the past month. However, these includes the third largest multi-currency RMBS print to come to market to date, via the GBP5 billion ($9.46 billion) transaction from the Royal Bank of Scotland's Arran Mortgage Funding program.

RBS will lead manage its own bond sale that has on offer tranches denominated in U.S. dollars, euros and sterling. It's the second deal for the bank in as many months after having taken a 13-year hiatus from the RMBS market. RBS sold a GBP4.7 billion RMBS deal in June, and this summer the bank also issued GBP3.5 billion worth of corporate lending risk from its balance sheet through a CLO.

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