Santander U.K. has priced its $1.2 billion RMBS issued under its Holmes Master Trust.
The deal called Holmes Master Issuer plc Series 2012-2 offered investors a class A1, floating-rate note that was rated 'Aaa' by Moody's Investors Service.
According to a Bloomberg report, the note priced at 155 basis points over the three-month Libor. JPMorgan acted as lead bookrunner on the deal.
The notes are backed by a pool of prime U.K. residential mortgages originated by Santander U.K. It is firm's the 21st issue out of the Holmes Master Trust. The trust property for this deal comprises roughly £15.3 billion of loans following the addition of approximately £2.5 billion of loans around the time of the issuance.
The reserve fund is funded to 3.8% of the total notes outstanding at closing and the total credit enhancement for the class A notes is 18.9%.