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Yorkshire Building Society launches first securitisation

Yorkshire Building Society has entered the securitisation market for the first time with a £750m issue.

The issue, called Brass No.1 plc, is backed by prime owner-occupied mortgages originated by Accord Mortgages, Yorkshire Building Society’s intermediary subsidiary, and will be serviced by the society.

The notes have been assigned an AAA rating by both Moody’s and Fitch Ratings.

Yorkshire Building Society will retain £350m of the class A notes with £400m worth of notes being made available to outside investors.

The securitisation market has dried up since the credit crisis – apart from a small number of issues from the UK’s banking giants and, in March, Skipton Building Society – with investors weary of investing in bonds backed by mortgage assets

Group treasurer Chris Parrish says: “It demonstrates the ongoing recovery in the RMBS market. As a new issue to the market, the transaction was very well received by investors, with strong demand and attractive pricing. It gives the Yorkshire another avenue of access to wholesale funding.”

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