Nationwide preps new Silverstone as prime market tests pre-Brexit tights

Silverstone
By Owen Sanderson
23 Jan 2020

Nationwide has unveiled a new securitization from its Silverstone master trust, against a market backdrop in sterling prime RMBS as strong as at any time since the global financial crisis. The UK building society is focused on price for the new deal, which is likely to be in three year sterling format.

Precise Mortgage Funding 2020-1B and Lanark 2020-1, the first master trust RMBS deals of the year, were priced last week and confirmed that market conditions for sterling securitizations were almost unprecedented in the post-crisis era, with senior notes on Precise five times covered and Lanark three times ...

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