RMBS: RBS aims to cut through no-call crisis with Arran

UK securitisation issuers were facing up to tougher scrutiny from investors made newly aware of the impact of call risk this week. Royal Bank of Scotland will be the first to test the mood after the Co-operative Bank declined to call three of its Leek deals (see page 27 for the full story), as it began offering the biggest public structured deal this year, a £2bn RMBS, which it aims to place quickly and with minimal marketing. Investors, though, were concerned.