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Yorkshire issues its first RMBS to the tune of £750m

Yorkshire Building Society has launched into the securitisation market for the first time with a £750m residential mortgage-backed security.

Brass No 1 plc is backed by prime owner-occupier mortgages originated by Accord Mortgages, the intermediary-only subsidiary of the Yorkshire.

Chris Parrish, group treasurer at the Yorkshire, says the society originally planned to enter the securitisation market in 2007 but the credit crunch delayed its plans.

He says: “The bonds were well received by investors and were two times over-subscribed. The securitisation market is smaller than it was pre-credit crunch, but it is more sustainable now.”

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