Virgin Money to launch third securitisation

Virgin Money is set to launch its third securitisation since it acquired the now defunct Northern Rock in 2012.

The lender is meeting with investors to decide the pool size and the coupon. All of the loans pooled in the securitisation are prime residential owner-occupied mortgages.

Ratings agency Fitch has granted given the transaction a provisional AAA-rating.

Virgin Money’s first transaction took place in July 2012, followed by a second in November 2012. A subsequent sale of remaining notes from the November 2012 securitisation also took place in 2013.

The lender says it expects the deal to conclude within the next week.

Last week reports suggested that Virgin Money is getting closer to launching its initial public offering, with a possible share listing in October.