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RBS to launch £3.5bn securitisation

Royal Bank of Scotland is to launch a £3.5bn residential mortgage-backed securitisation.

The notes are backed by a pool of prime residential mortgages originated by RBS and National Westminster Home Loans.

The weighted average loan-to-value is 63.4 per cent, which is in line with other UK RMBS transactions and the expected loss rate is 1.2 per cent.

Moody’s has given the transaction, which is called Arran Residential Mortgages Funding 2011-2 plc, a provisional AAA rating. The notes will be the sixth standalone UK RMBS issuance under the Arran series.

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