The Royal Bank of Scotland was set to launch a E750 million ($1.2 billion) MBS transaction last week. The deal - called Mound Financing No.1 - was backed by a portfolio of nearly 24,000 residential mortgage loans, mostly located in London and the south of England, with a total book value of E1.7 billion.

Salomon Smith Barney acted as lead manager on the transaction, and it was the first time a master trust structure has been incorporated into a U.K. residential mortgage deal.

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