Santander UK’s Holmes programme has produced the first ABS mandate of the year. Barclays Capital, Deutsche Bank, JP Morgan and Santander GBM will be joint leads on the deal, which is set to be launched this week.
The capital structure has not yet been announced but the leads said it will be offered in Reg S and 144A format.
Dollars are still likely to be the main currency, in line with other UK RMBS. The last deal to come to market, Barclays Banks Gracechurch 2011, sold