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.      

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