ABS fights back as Northern Rock, Paragon return

Northern Rock, one of highest profile casualties of the financial crisis, is planning an imminent return to the bond market. It intends to sell its first post-crisis public securitisation, a £1.5bn prime RMBS deal to be issued through Gosforth Funding 2011-1. Deutsche Bank, JP Morgan and Royal Bank of Scotland are on the top line of the deal, which will test the recovery of the ABS market.