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Coventry makes first foray into RMBS with £1.1bn issue

Coventry Building Society has entered the securitisation market with a £1.1bn issue.

Called Leofric No.1, it is backed by a pool of prime owner-occupied mortgages originated by the society and its intermediary lending arm, Godiva Mortgages.

The average LTV ratio of the pool is around 64%.

Both Moody’s and Fitch Ratings have given the transaction a provisional AAA rating.

Kris Gozra, head of structured finance and funding at Coventry, says the transaction will support mortgage lending alongside retail deposits.

The issue follows Coventry’s €650m covered bond last October. In March Nationwide set up a £1.5bn RMBS while Credit Suisse launched the first sub-prime issue of the year with its £340m deal.


West Bromwich and Investec restart RMBS transactions deferred in 2011

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Distributors join with regulated lenders to tackle bridging fraud

Major distributors are seeking to protect themselves against bridging fraud by teaming up with regulated lenders. Last week, seven distributors agreed a partnership with Precise Mortgages. Precise is now a preferred bridging lender for Ingard Financial, Mortgageforce, Pink Home Loans, Personal Touch Financial Services, PMS, Sesame and SimplyBiz Mortgages. The Financial Services Authority undertook a […]


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