Arkle returns to yen

31 Jan 2012

The provisional capital structure for Lloyds Banking Group’s Arkle 2012-1 RMBS includes a three year yen tranche, following the example of Santander UK’s Holmes 2012-1. Before this year, the only UK deal to offer yen had been Arkle 2010-2.

The yen tranche in this year’s Arkle deal will be publicly offered, in contrast to Holmes, which saw the Japanese currency added in response to reverse enquiry and the tranche sole led by JP Morgan.

Japanese investors have been buying UK RMBS for some time, but have typically put ...

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