The Co-operative Bank has delivered the second U.K. RMBS of the year via its Silk Road Finance 1. The new series will issue a maximum of ₤2 billion ($3.13 billion) of RMBS notes.

Information on the pool remains limited but, according to Fitch Ratings, the triple-A piece carries a substantial credit enhancement of 18%, well above that seen in typical prime U.K. RMBS. Most of the notes are expected to be retained or pre-placed but market analysts said that a successful syndication of the remainder could signal the opening of the primary market to new less vanilla issuers and programs.

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