Lloyds Banking Group released initial details of its RMBS offering from it Permanent master trust. The deal signals a possible reopening of the European RMBS market.

“This is the first public deal in U.K. prime RMBS since two small deals last year from Fosse 2008-1 in August 2008 and Permm 2008-2 in May,” Barclays Capital analysts said. “These deals did not open the primary issuance market in the U.K. as many had hoped, and much will depend on the final pricing structure for the offered tranches in this transaction to see if the market will follow the same route or actually be the re-thawing of a primary market vital for funding options for banks.”

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