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Lloyds to launch £3.3bn securitisation

Lloyds Banking Group is to launch an estimated £3.3bn securitisation deal backed by a pool of prime residential mortgages.

The loans were originated by Cheltenham & Gloucester before the transfer of its banking business to Lloyds TSB Bank in January 2010. Since then, Lloyds TSB has originated the loans.

The transaction, which was issued through the Arkle Master Trust structure, has been given a provisional AAA rating from Standard & Poor’s and Moody’s. Moody’s estimates the average loan-to-value of the pool to be 63.8 per cent.

It represents the eighth issue through the Arkle Mater Trust, which currently consists of around £25.2bn worth of loans.

In May, rival Santander UK launched the largest publicly placed UK RMBS since 2007, a £3.75bn deal issued through the Fosse master trust programme.

State-backed bank Northern Rock plc announced in March it intended to securitise around 2 per cent of its £18.5bn balance sheet, which works out at around £350m to £400m.

Last month, Money Marketing revealed Yorkshire Building Society had launched its first securitisation – £750m. Earlier this month, MM reported Credit Suisse had launched a £482m deal, backed by non-conforming loans.

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