View more on these topics

Co-op Bank launches £2.5bn RMBS deal

The Co-operative Bank has launched a securitisation deal worth £2.5bn backed by prime mortgages from Britannia.

The Co-op Bank launched the residential mortgage-backed securities deal last week under its Silk Road Finance programme, and is due to close at the end of February.

A spokesman for Britannia, which merged with The Co-operative Financial Services last August, says that initial feedback to the issue has been good.

The Co-operative Financial Services is part of The Co-operative Group and is made up of The Co-operative Insurance and The Co-op Bank, which includes the internet bank Smile and Britannia.

It follows another RMBS deal from Lloyds Banking Group, also worth £2.5bn, at the end of January.

The Lloyds issue, the second from its Permanent programme in the space of four months, offered assets in pounds, euros and more unusually US dollars and reported a good take-up from US investors.

 

 

Recommended

BSA advises society bosses on how to respond to awkward questions

The Building Societies Association has written to the chief executives of mutuals offering guidance on answering tricky questions about potential losses. As societies gear up to reveal their annual results for 2009 the BSA is offering them answers to questions such as ’Do you have to consider a merger with another society?’ and ’Shouldn’t your […]

HBS to pay enhanced conveyancing proc fee

Home Buyer Systems, a supplier of sales and compliance systems for mortgages and general insurance, will pay its users enhanced fees for conveyancing referrals made via Home Buyer, under a new scheme entitled “Quid Pro Quo”.

LSL buys specialist surveying practice

LSL Property Services has acquired Templeton LPA, a specialist practice of chartered surveyors based in Cardiff and Leeds.

Pension - thumbnail

David Cameron appoints former adviser to Tony Blair as new pensions minister

Following a cabinet reshuffle in light of last week’s general election, David Cameron has announced that Ros Altmann will be replacing Steve Webb as pensions minister. As the industry works with one of the largest reforms to the sector in almost a century, the former adviser to Tony Blair has been tasked with ensuring that the pensions revolution does not stray off track.

Newsletter

News and expert analysis straight to your inbox

Sign up
Comments
  • Post a comment
  • D Alderson 16th February 2010 at 11:14 am

    Of course, silly me. Thank you

  • Beverley Dunne 16th February 2010 at 10:59 am

    Residential Mortgage Backed Securities

  • Dave Alderson 16th February 2010 at 10:01 am

    Come on sombody please tell the rest of us what RMBS stands for. The fact is that we all have so much to remember that it would be better if when an artlcle is written by a professional they should put the actual words in brackets at least once in a article. Even FSA (Financial Services Authority) can be misconstrued as Food Standard Agency.

  • Frank Jurga 16th February 2010 at 7:00 am

    Can someone remind me what RMBS stands for – or perhaps I never even knew. I should find out just in case this is the vehicle that launches a 1000 new mortgage schemes. Ta