Moody's Investors Service assigned preliminary ratings to the new U.K. RMBS deal from Lloyds Bank's Arkle master trust.
The deal, Arkle Master Issuer plc Series 2012-1, will be managed by Citigroup and JPMorgan Chase, according to market reports.
The issuer has yet to announce how big the deal will be but based on the Moody's presale report, the capital structure will include three 'AAA' rated tranches with notes due on May 2060.
The notes are backed by a pool of U.K. prime residential mortgage loans. It will be the ninth issuance out of the Arkle Master Trust.
"Unlike recent issuances out of the Arkle Master Trust, the 2012-1 notes will not use the dedicated yield reserve to pay part of the note interest," Moody's analysts stated. "The note coupons under this issuance will instead be payable in full via the revenue waterfall."
Also in the market is a new deal for Socram Banque. The €460 million ($604.47) auto loan ABS deal dubbed FCT TitriSocram Compartment TitriSocram 2012-1. The deal will offer investors one 'AAA' tranche rated by Standard & Poor's.
BNP Paribas and Natixis have been named lead arrangers on the deal. The transaction is structured with a one-year revolving period.
This will be the seventh transaction backed by receivables originated and serviced by Socram Banque. The purpose of the transaction will be to securitize a portfolio of vehicle loan receivables, including cars, motorbikes, and recreational vehicles, mostly originated in 2011 to private individuals domiciled in France and in French overseas departments.