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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.




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  • 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