Co-operative Bank is to launch its second residential mortgage-backed securitisation in two years in a transaction which Moody’s estimates to be around £871m.
The Silk Road Finance Number Two programme is made up of a pool of prime UK residential mortgage loans originated by the former Britannia Building Society and Co-operative Bank. The pool is managed by JP Morgan.
The class A notes have been given a provisional credit rating of AAA by ratings agency Moody’s.
Co-op launched its first securitisation, Silk Road Finance Number One, which was worth £2.5bn, in February 2010.
Earlier this month, Money Marketing revealed Yorkshire Building Society had launched its first securitisation in a deal worth £750m.