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Nationwide sets up £1.5bn securitisation

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Nationwide has set up a £1.5bn securitisation backed by UK prime residential loans.

The transaction, which will help to fund new lending, is being offered through the Silverstone master trust and will be backed by first-charge, owner- occupier loans originated by the building society.

The average loan to value of the loans is 60 per cent and the average loan size is £95,885. It is being offered across three tranches – $1bn in three-year notes, $1bn in five-year notes and £200m in five-year notes.

Nationwide is the sole arranger of the transaction and it has appointed Barclays, Citigroup, Deutsche Bank and JP Morgan as joint lead managers. Standard & Poor’s has given the transaction a preliminary AAA rating.

The deal represents the sixth issue from the Silverstone master trust since its inaugural issuance in 2008 and S&P says the trust collateral totals £27bn.

In January, two of Nationwide’s high-street rivals launched bonds backed by mortgages, with Santander setting up a £2.97bn RMBS and Barclays offering a £750m covered bond.

John Charcol senior technical manager Ray Boulger says: “The fact Nationwide is offering the majority of this transaction in dollars is an indication of where the investors are based.”

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