Lloyds Bank has sold the first loss piece of a £3.2bn housing association loan portfolio to four specialist investors, in one of the longest maturity risk transfer deals of recent years.
The £105m note covers the first 3.5% of losses in the £3.2bn housing association loan portfolio, which has exposure to 93 social housing providers in England, Scotland and Wales. The deal gives 10 year credit protection, with a three year replenishment period, at a cost of 700bp over
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