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Lloyds Plans To Launch RMBS

Barclays, JP Morgan Chase, and Lloyds TSB are acting as joint-lead managers and bookrunners

Lloyds Banking Group is set to issue prime Residential Mortgage Backed Securities (RMBS), in both British Pounds and Euros, for the first time for well over a year – reported The Money Marketing.

It has been reported that, of the three triple-A tranches to be sold, two of which will be in Pounds totalling at least GBP2.82 billion, while the third tranche will be in Euros, the size of which will depend on investor demand.

Reportedly, the new deal, Permanent 2009-1, will not use the UK government’s RMBS guarantee scheme. Lloyds has claimed that the bond investors will benefit from a maturity purchase agreement entered into with the bank.

The bonds, which will be issued by the Permanent master trust, will be made up of prime mortgages from Halifax loans originated by Bank of Scotland. Barclays, JP Morgan Chase, and Lloyds TSB are acting as joint-lead managers and bookrunners, reported moneymarketing.co.uk.