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Euro fears delay West Brom securitisation

West Bromwich Building Society has postponed the issue of its £410m residential mortgage-backed securitisation due to concerns about market conditions in the eurozone.

The pool of loans making up the transaction, known as Kenrick No 1, are prime residential mortgages.

The deal, which was to launch this month, was to be managed by Barclays Capital and Citigroup.

West Bromwich will not confirm when it will look to remarket the deal.

The society backed away from the launch of a securitisation in August 2007 due to unstable conditions in the wholesale markets.

Three eurozone members Greece, Ireland and Portugal have received aid packages since May 2010, with Greece about to receive its second bailout in just over 12 months.

Concerns have been raised about the potential of contag-ion risk from debt-stricken countries infecting other members of the eurozone, notably Spain and Italy.

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