Santander launches £775m securitisation

Santander has launched a £775m securitisation backed by prime residential mortgage loans.

The notes, which are denominated in US dollars, are the 21st issuance from the Holmes master trust, which totals around £14.8bn of prime owner-occupied mortgages originated by the bank.

The average loan-to-value of the loans within the pool of mortgages is around 68.7% and the proportion of loans in arrears of 90 days or more is 1.57%.

Fitch Ratings has given the transaction a AAA rating.

The transaction is Santander’s second of 2012, following a £2.97bn issue in January.