UK houses

Landmark transaction launched

Category: RMBS ABS Regulation

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UK RMBS is first securitisation tied to SONIA rate

The first securitisation with liabilities tied to the Sterling Overnight Index Average (SONIA) rate has been issued by Lloyd’s Bank, which is opting to retain the deal. The £7.6bn transaction, dubbed Elland RMBS 2018, is backed by owner-occupied residential mortgages in England and Wales, originated by Bank of Scotland under the Halifax brand.

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