Northern Rock priced its Gosforth Funding 2011-1 RMBS deal today, according to market reports.

The transaction, which marks the mortgage firm's comeback, was upsized to £593 million ($969 million) from £500 million.

It reportedly paid a coupon of 135 basis points over the three-month Libor on both the A1a £200 million tranche and A1b €450 million ($644.99 million), according to a Reuters report.

JPMorgan, the Royal Bank of Scotland and Deutsche Bank were lead managers on the deal.

According to a previous story from, this transaction will diversify both the source and term of its funding base, and will be offered to investors in sterling and euros. 

Aside from this offering, Northern Rock will also remain substantially funded by retail savings.
This will be a standalone transaction that is backed by high-quality U.K. mortgage assets that are selected from Northern Rock's total loan book worth £12.2 billion ($19.99 billion). 

Following the split of the former Northern Rock business at the start of 2010, all historical securitization funding is held by Northern Rock (Asset Management).

In other European deal news, LeasePlan Nederland has lined up a €528.9 million securitization of auto leases that are extended to corporate and government lessees in the Netherlands.

The transaction, which is called Bumper 4 (NL) Finance B.V., will offer a Moody's Investors Service-rated 'Aaa(sf)', €500 million, class A tranche of floating rate notes.

It will also offer buyers a Moody's-rated 'Aa2(sf)', €28.9 million, class B tranche of floating rate notes.

This is LeasePlan Nederland 's the second public securitization.

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