Santander issues £2.5bn securitisation

Santander has issued a residential mortgage-backed security deal worth £2.5bn.

The notes are the 20th issuance from Santander’s Holmes Master Trust programme, which is worth a total of £11bn.

Four of the five new notes have been assigned a provisional rating of Aaa by Moody’s.

The loan book has an average LTV of 66.4% and the proportion of loans more than 90 days in arrears stands at 2.04%.

In May Santander launched a £3.75bn deal, the largest publicly placed UK residential mortgage-backed securitisation since 2007.