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Abbey National securitises 10 per cent of mortgage book

The Abbey National is planning to securitise 10 per cent of its £60bn mortgage book according to the Financial Times.


The move is seen as an attempt to free up its balance sheet so it can increase its market share.


This week Abbey will issue a £1bn mortgage backed bond as part of the package to take £6bn of debt from its balance sheet. The latest bond issue follows on from a £1bn offering earlier this year and a £250m issue last year.


Abbey says the move will allow it to balance its books more effectively and provide an alternative source of funding.

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