RBS's £6.5bn Arran is biggest European ABS, Rock £5bn close
Two of the big guns in UK residential mortgage securitisation fired huge salvos this week, as Royal Bank of Scotland launched Europe's biggest ever securitisation for £6.5bn and Northern Rock issued £5.5bn.
The Newcastle-based bank regularly issues an MBS immediately after the summer break to capitalise on pent-up demand — this time it had a rival in RBS, which has only issued MBS once before since its takeover of NatWest in 2000.
Both deals offered many tranches in dollars, euros and
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