UK prime RMBS stable in September 2010

UK prime RMBS performance remained constant in September 2010, according to the latest indices published by Moody’s Investors Service.

In September 2010, the 90+ day delinquency trend was stable at 1.9%.

The repossessions trend increased slightly to 0.08% from 0.07% and the cumulative losses trend was unchanged at 0.14%.

Moody’s annualised total redemption rate trend decreased to 12.45% during September, which is down from 13.06% in September 2009.

Moody’s rated five new issuances in the UK prime market since September 2010.

  • Langton Securities Master Trust Series 2010-1 and Series 2010-2, totalling £17.2 bn, both originated by Santander UK.
  • Silverstone Master Issuer PLC Series 2010-1 issued approximately £1.5bn of rated notes, originated by Nationwide Building Society.
  • Arkle Master Issuer plc – Series 2010-2 issued approximately £3.2bn of rated notes, originated by Lloyds TSB Bank Plc and Cheltenham & Gloucester.
  • And BOWBELL NO. 1 PLC issued approximately £5.7bn of rated notes, the first securitisation of UK residential mortgage loans by Bank of Ireland UK.

In total, 129 UK Prime RMBS transactions have been launched and rated by Moody’s since 1999. As of September 2010, the total outstanding pool balance in the UK Prime RMBS market was £348.6bn, compared with £329.1bn a year ago, which constitutes a year-on-year increase of 5.9%.