Santander U.K. is reportedly prepping its first U.K. RMBS for 2012 under the Holmes Master trust series.

According to a Bloomberg report, the deal will be managed by the originator, which also mandated Barclays Capital, Deutsche Bank and JPMorgan to co-manage the deal.

European and U.K. securitization activity has been off to a slow start so far this year. This deal would be the first U.K. RMBS of the year.

Societe Generale analysts said that the U.S. dollar tranches in these types of deals are still likely to offer a significant source of funding for the sector.

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