Principality taps HSBC, Lloyds for prime UK STS RMBS

By Tom Brown
13 Nov 2019

Principality Building Society has mandated HSBC and Lloyds to arrange its sixth UK RMBS deal, offering a single three year triple-A tranche after retaining its last deal in March due to concerns around the ‘simple, transparent and standardised’ (STS) label.

The issuer is planning to place £350m of class ‘A’ STS-eligible notes from Friary 6. The bonds will be priced over Sonia, and have a weighted average life of 2.93 years and credit enhancement of 10%. PBS will retain the ‘B’ notes.

PBS brought Friary 5 in March but ...

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