Santander UK Prices Sterling, Dollar Mortgage-Backed Bond Issue
May 30 2012 - 1:29PM
Dow Jones News
Santander U.K. has priced its three-part bond backed by
residential mortgages, one of the banks running the deal said
Wednesday.
Tranche A1 raised GBP515 million, with a weighted average life
or WAL of 4.8 years, priced at par with a coupon of 155 basis
points over three-month Libor.
Tranche B1 at $140 million has a WAL of 5.3 years and priced at
par with a coupon of 220 basis points over three-months Libor.
Tranche B2 at GBP33 million with a WAL 5.3 years, priced at par
with a coupon of 235 basis points over three-month Libor.
Santander Global Banking & Markets, or Santander GBM, is
sole arranger on the transaction, with Barclays PLC and Santander
joint lead managers. The transaction is being sold through a
vehicle called Holmes Master Issuer PLC Series 2012-3.
Residential mortgage-backed securities, or RMBS, are issued by
special-purpose vehicles that are serviced with the payments made
on a pool of residential mortgages, which are taken off the
mortgage provider's balance sheet.
By Carol Dean, Dow Jones Newswires; 44 20 7842 9306
carol.dean@dowjones.com
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