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Co-operative Bank launches second securitisation

The Co-operative Bank has launched its second securitisation, which Moody’s estimates to be around £871.5m.

The residential mortgage-backed securitisation follows its first RMBS last February, worth £2.5bn.

Silk Road Finance Number Two is backed by a pool of prime UK residential mortgage loans originated by the former Britannia Building Society and the Co-operative Bank plc under the Britannia brand name.

The average LTV is around 67% and the RMBS does not have a put option, which means buyers will not have the opportunity to sell back their purchase.

Barclays Capital, JP Morgan and Morgan Stanley are managing the deal and will be presenting it to investors in London Netherlands and Paris in the next few weeks.

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  • Stuart Duncan 21st June 2011 at 2:09 pm

    I am very disappointed that Co-op have opted to market all of their mortgage products direct to consumers.
    They position themselves as the ethical bank but do nothing to enable independent comparison of their products or to enable independent advice to be provided. It is hardly ethical to pump out execution-only products via sales centres and through what are close to being unregulated websites.