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HBOS completes £500m UK securitisation

HBOS has completed the first public UK residential mortgage backed securitisation deal completely placed to investors since July last year.

The deal sees the bank complete a £500m RMBS through its Permanent Master trust programme.

A spokesman for the bank says that this was a deal sparked by enquiries received from a number of investors.

“We have created a placed deal to a small group of investors: 50 per cent banks and 50 per cent insurance companies – both UK and international institutions. The loans in this securitisation are prime UK residential mortgages, all originated by HBOS under its Halifax brand.”

“This is the first public UK RMBS deal completely placed to investors since July 2007 – it reflects the strength of HBOS and our quality as an issuer of RMBS. Given our position in UK RMBS, HBOS decided to take the first step to help open up the market – we have obtained a very positive response.”

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