Principality taps HSBC, Lloyds for prime UK STS RMBS

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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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