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Clydesdale and Yorkshire launch second RMBS in two months

Clydesdale and Yorkshire Banks have launched their second securitisation in as many months.

Clydesdale Bank and Yorkshire Bank Home Loans, a subsidiary of Clydesdale, originated the mortgages backing the notes.

The transaction represents the third issuance out of the Lanark master trust and has been given a provisional AAA rating by rating agency Moody’s.

It has a unique structural feature because of the presence of offset loans in the pool. There is a mechanism which allows Clydesdale to compensate for the diminishing of interest payments.

The weighted average loan-to-value of the pool is 61.6 per cent, which is lower than the average of the sector, which is 67 per cent.

The transaction will have both US$ and € denominated tranches.

Last month, Clydesdale and Yorkshire launched an £829m securitisation backed by a pool of buy-to-let mortgage loans.

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