Barclays revives mortgage master trust using brand new tech from Coventry deal

By Owen Sanderson
04 Mar 2021

Barclays has structured a new mortgage master issuer vehicle, raising the prospects of a return to RMBS funding for a bank which has been absent from the market for nearly a decade. The new vehicle uses the same revolutionary technology present in Coventry Building Society’s Economic Master Issuer deal, which slashes the time, cost and complexity of running these structures.

Master trusts are the big beasts of mortgage funding, able to command the tightest pricing available in UK RMBS, since they give investors certainty of cashflows, allowing the construction of “scheduled amortisation” or bullet maturity bonds, rather than the pass-through payments which come from other RMBS structures.

Some ...

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