TSB Bank, which is owned by Banco Sabadell, plans to offer a mix of euro and sterling denominated bonds under its newly minted U.K. master trust called Duncan Funding, according to Moody's Investors Service.

The inaugural transaction, Duncan Funding 2015-1, will offer bonds backed by a £2.32 billion ($3.54 billion) portfolio of prime residential mortgages originated by TSB and – prior to middle of 2013- subsidiaries of Lloyds Banking Group (Cheltenham and Gloucester, Lloyds TSB Bank, Lloyds TSB Scotland). All the loans in the pool are secured by residential properties located in the England, Wales and Scotland.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.