The Royal Bank of Scotland (RBS) is marketing a new deal worth ₤4.6 billion from its Arran series.

The transaction, called Arran Residential Mortgages Funding 2011-1, is the fifth deal from this RBS vehicle.

The transaction's capital structure includes three triple-A-rated tranches of floating rate notes. The Class A-1, triple-A-rated tranche will be offered in euros, sterling and dollars. One double-A-rated tranche comprises floating rate notes.

The offering is backed by mortgage loans originated by RBS and National Westminster Home Loans. Fitch Ratings issued preliminary ratings on the notes.

According to Fitch, credit enhancement for the Class A, 'AAA(sf)'-rated notes will initially total 19.40%. The Class M notes (1.90%), the Class B notes (15.50%), and a fully funded reserve account of 2% will provide the offering's enhancement, the rating agency said.

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