UK RMBS lenders diverge on investor protections

By Tom Brown
28 Apr 2020

Market participants expect bank lenders to support their RMBS master trust shelves, as Santander UK said it would last week for its Holmes Master Issuer vehicle. Stand-alone deals could see more mixed outcomes, however.

Santander will use interest from loans backing the "seller's share" in the trust to cover any potential shortfalls for issued Holmes RMBS bonds. It also said it would grant a loan into the Holmes vehicle to cover further shortfalls in revenue if this proved insufficient.

“It again shows ...

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