Barclays, Lloyds Bank, Bank of America and Deutsche Bank will lead the prime UK RMBS deal to be issued from Santander U.K.’s Fosse Master Trust.
The deal, Fosse Master Issuer Series 2014-1, will feature notes denominated in both U.S. dollars and British sterling. Moody’s Investors Service plans to rate the money market fund P-1’ and the class A2 notes Aaa’. The notes are due October 2054. The sizing of the tranches has yet to be determined, according to the presale report.
The portfolio consists of mortgage loans to prime borrowers secured by residential properties in the UK. The loans in the pool have a relatively low weighted average LTV of 59.8% compared to approximately 67% across the UK RMBS Master Trust sector, according to Moody’s. Weighted-average seasoning on the loans is 7.8-years.
This is the eleventh ideal to be issued out Santander’s Fosse master trust.