Lloyds Bank TSB is marketing bonds backed by ₤1.2 billion ($1.92 billion) of loans to small and medium sized businesses.

The cash flow securitization, dubbed Sandown Gold 2011-1, consists of six classes of securities due in 2038, according to a presale report by Fitch Ratings.

All of the loans used as collateral were originated by Lloyds, according to the presale report.

Fitch has assigned the two senior-most tranches, A1 and A2, a provisional rating of 'AAA'. The respective sized of these two classes has yet to be determined. The A1 tranche is denominated in pounds and the A2 tranche in euros.

Fitch is not rating the ₤100 million B class, ₤110 million pound C class, ₤120 million C class, ₤120 million D class, or ₤230 million S class.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.