Securitization has recently taken hold of the prime banks in the U.K., as it increasingly becomes a commoditized product. A clear manifestation of that is the more frequent application of the master trust structure.

The master trust structure has traditionally been associated with U.S. credit cards securitization, and gradually extended to include other countries and asset types - corporate loans in the CLO area, aircraft leases in large aircraft securitizations, and most recently mortgages. Certain modifications are made to the master trust in order to accommodate and reflect the specific features of the respective asset type and/or jurisdiction.

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