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Barclays sets up first RMBS since 2007

Barclays Bank is to launch its first residential mortgage-backed securitisation since May 2007.

Barclays Capital is arranging a series of investor meetings to drum up interest in its first issue since the financial crisis. The size and pricing of the transaction will be set after the meetings.

Rating agency Moody’s says the issue will be backed by prime UK residential mortgages originated by Barclays and will represent the fourth issue out of the Gracechurch Master Issue structure, which has £9.1bn of loans.

Santander, Lloyds Banking Group and Royal Bank of Scotland have been the most active recent RMBS players, with the latter two launching issues worth £2.1bn and £3.5bn respectively in the past month. In May, Santander launched a £3.75bn issue, the biggest publicly placed RMBS since 2007.

Industry consultant Jonathan Cornell says: “We cannot think we are out of the woods because most RMBS are at very low LTVs and are prime but if some of that money is being recycled into the mortgage industry then it will help everybody.”

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