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Santander unveils RMBS transaction

Santander has issued a residential mortgage-backed security backed by £4.5bn worth of loans.

The deal is the 20th issuance from its Holmes Master Trust programme and comprises mortgages with an average LTV of 66.2%.

Moody’s has assigned the transaction a AAA rating and an expected portfolio loss of 1%, which it says is in line with the prime sector average and is based on Santander’s previous transactions and economic conditions.

Santander says it has not yet confirmed the value of the transaction.

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