U.K. banking group Lloyds priced its latest transaction from its Permanent U.K. prime RMBS master trust.
The securitization is backed by prime residential mortgages and, like other U.K. RMBS transactions issued by the Royal Bank of Scotland/NatWest and Nationwide this month, the deal offered a significant portion of U.S. dollar tranches.
Lloyds Bank Corporate Markets (LBCM), Barclays and JPMorgan were joint lead managers on the U.S. dollar denominated notes. LBCM is the lead manager on the sterling denominated notes.
Fitch Ratings and Moody's Investors Service have assigned the RMBS a 'AAA'/'Aaa' rating.
This deal is the eighteenth issue out of the Permanent Master Trust structure, and the ninth using Permanent Master Issuer.
According to a Bloomberg report, the dollar-denominated portions of the debt priced at 150 basis points, 155 basis points and 160 basis points over the three-month Libor. Meanwhile, the sterling-denominated bonds with an average life maturity of five years priced at 165 basis points.