View more on these topics

Skipton set for RMBS of up to £550m

Skipton Building Society is to launch a securitisation backed by a pool of mortgage loans totalling between £450m and £550m.

The transaction, called Darrowby no 2, is made up entirely of prime residential mortgages originated by Skipton since 2001.

The average loan-to-value ratio is around 60 per cent. The deal has not yet been priced, although this and the total pool size are likely to be decided next week.

Both Fitch Ratings and Moody’s have given the transaction a provisional AAA rating.

This is the second time the society has entered the securitisation market, the last issue being a £1.2bn bond called Darrowby no 1 in March 2011.

Societies have been particularly active in the RMBS market in the past two months, with West Bromwich, Coventry, Nationwide and Leeds setting up £410m, £1bn, £1.5bn and £250m bonds respectively.

Coreco director Andrew Montlake says: “It is good to see some more securitisation back into the market. It means that these lenders can free up their back books and hopefully lend more.”


Henderson’s Pattullo backs fixed-income fund limit

Henderson head of fixed income John Pattullo has backed the Investment Management Association’s proposal to limit exposure to asset-backed securities in fixed-income funds but Baillie Gifford is calling for more flexibility. The IMA is proposing a 20 per cent limit on asset-backed securities across the corporate bond, strategic bond, high-yield and global bond sectors. For […]

Dampier hits out at active manager talent pool

Hargreaves Lansdown head of research Mark Dampier has hit out at the lack of good active fund managers after reducing the number of funds in the Wealth 150 to its lowest level. Dampier says there are now 121 funds in the Wealth 150 and predicts the number is likely to get lower as the RDR […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm