Santander U.K. is slated to price its prime U.K. RMBS on Wednesday, according to a Reuters report.
The deal, dubbed Holmes 2011-3, will be managed by Santander, Bank of America Merrill Lynch, Citigroup and JPMorgan.
The capital structure will include four U.S. dollar-denominated tranches, one in euro and another in sterling.
The Class A1 is expected to be a maximum $500 million in size and, according to the Reuters report, is being talked in the 13 basis point area with a 0.8-year average life.
The Class A2 is also U.S. dollar-denominated and is being marketed with price talk at 155 basis point area with a 2.9-year average life.
The Class A3 notes, which are also averaging 2.9-years but shown as a maximum €250 million, is being talked at 140 basis point area.