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Principality launches first securitisation

Principality Building Society has entered the securitisation market for the first time with a £686m issue.

The issue is called Friary no.1 and has been given a provisional AAA rating by ratings agency Moody’s.

Principality will act as the servicer and cash manager in the transaction, while HML will be appointed as the back-up servicer and Citibank as the back-up cash manager.

The pool is backed by residential mortgages and the weighted average loan-to-value of the pool is 58.01 per cent.

Last week, Money Marketing revealed that West Bromwich Building Society had temporarily delayed its £410m issue due to the troubles in the eurozone.

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