Skipton Building Society plans to issue a new U.K. prime RMBS transaction, Darrowby No. 3 that will be structured with on publicly placed,British pound sterling-denominated tranches.
Moody's Investors Service expects to rate the transaction’s senior class A notes due March 2047, Aaa’. The total credit enhancement for the Class A notes is expected to be 13.25%, according the presale report. It did not indicate the size of the tranche.
Darrowby No.3 is the third securitization of U.K. prime owner-occupied mortgage loans originated by Skipton.
At closing, the mortgage pool balance will consist of approximately £400 million ($665 million) of loans.
Skipton Building Society will be acting as servicer and cash manager in the transaction. Crown Mortgage Management Limited and Royal Bank of Scotland are the back-up servicer and back-up cash manager, respectively.