Nationwide launches securitisation
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Nationwide Building Society has launched a securitisation deal backed by a pool of prime residential mortgages.
The notes are backed by mortgage loans originated by Nationwide and by another member of the Nationwide group, including but not limited to Portman Building Society.
They are the fifth issuance under the Silverstone master trust programme and the fourth issuance through the beneficiary Silverstone Funding No.1 Limited.
It has mandated Bank Of America Merrill Lynch, Barclays Capital, J.P. Morgan and UBS Investment Bank as joint lead managers for the deal.
The transaction is expected to be launched and priced, subject to market conditions, in mid-October, following a roadshow this week.
The notes have been given a provisional AAA rating by Fitch.
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