Virgin Money is returning to the market with a securitization of U.K. residential mortgage securities under its Gosforth master trust program.
The deal will offer £1.8 billion ($2.9 billion) of securities backed by U.K. prime mortgage loans. Under the capital structure two tranches with preliminary 'Aaa' ratings from Moody’s Investors Service and another tranche with a preliminary Aa1’ rating. The capital structure also includes an unrated tranche. All of the notes are due October 2056.