Three offerings of European mortgage bonds hit the market this week, two backed by prime first-mortgages originated in the U.K. and the Netherlands and one backed by second-lien U.K. loans.

Lanark Master Issuer PLC 2017-1 is a securitization of mortgage loans to prime borrowers in the UK, with a principal balance of £5.6 billion (€6.35 billion, US$7.09 billion). The capital consists of a cross-currency tranche of Class 1A notes and a Euro-denominated tranche of Class 2A notes; both tranches rated Aaa by Moody’s Investors Service. The sizes of the two tranches has yet to be determine, but both wil; benefit from 12% credit enhancement.

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