Clydesdale Bank is marketing a £829 million ($1.3bn) securitization backed by a pool of buy-to-let residential mortgage loans originated by Clydesdale Bank and subsidiary Yorkshire Bank Home Loans.
According to market reports, the deal will be issued from Clydesdale's Lannraig Master Trust. The majority of the mortgage loans previously formed part of the portfolio within Clydesdale’s prime RMBS Lanark Master Trust until its restructure in June 2011.
The average loan-to-value of the pool is 67.2 per cent, which is lower than the 77 per cent average seen in the sector.
Moody’s Investors Service has assigned a rating of 'Aaa' to one tranche of the transaction, which makes up £670m of the pool.