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RBS eyes US$7.2b sale of securities
By Jane Merriman |
September 15, 2010, Wednesday
|
Print Edition
Print Edition
ROYAL Bank of Scotland said it planned to sell 4.7 billion pounds (US$7.2 billion) of mortgage-backed securities, marking the British bank's first securitized deal since the credit crisis.
RBS's deal is backed by a pool of new British prime residential mortgages originated through RBS and NatWest Homeloans.
The asset-backed securities market has had a patchy recovery in Europe since the credit crisis and still lacks a broad investor base to drive a flow of new deals.
The market reopened in September last year when rival British bank Lloyds sold a 4 billion pound mortgage-backed bond and German car maker Volkswagen did a bond backed by auto leases.
Securitization markets shut down during the crisis as many asset-backed bonds suffered huge losses because of links to US subprime real estate crisis. Earlier this year, a European Central Bank executive board member said securitization was key to European bank funding and to the vitality of the broader economy.
RBS will hold roadshows in US an Europe.
RBS's deal is backed by a pool of new British prime residential mortgages originated through RBS and NatWest Homeloans.
The asset-backed securities market has had a patchy recovery in Europe since the credit crisis and still lacks a broad investor base to drive a flow of new deals.
The market reopened in September last year when rival British bank Lloyds sold a 4 billion pound mortgage-backed bond and German car maker Volkswagen did a bond backed by auto leases.
Securitization markets shut down during the crisis as many asset-backed bonds suffered huge losses because of links to US subprime real estate crisis. Earlier this year, a European Central Bank executive board member said securitization was key to European bank funding and to the vitality of the broader economy.
RBS will hold roadshows in US an Europe.
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