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Lloyds to launch £2.1bn securitisation

Lloyds Banking Group is to launch a £2.1bn securitisation backed by prime residential mortgages.

The transaction is made up of three US$ denominated tranches and two Sterling denominated tranches which are backed by mortgages originated by Halifax and Bank of Scotland.

The notes are the 18th issue from BOS’ Permanent master trust programme and the ninth issuance through Permanent Funding No 2. In July, the group launched a £3.3bn RMBS backed by mortgages originated by Cheltenham & Gloucester and Lloyds TSB.

Lloyds Bank Corporate Markets, Barclays and JP Morgan are joint lead managers on the US$ notes and LBCM is the lead manager on the Sterling notes.

Fitch Ratings has assigned the RMBS a AAA rating.

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  1. Securitised mortgages brilliant – why did nobody think of this before? Oh, wait a minute……….

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