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Co-op to launch £871m securitisation

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.

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