Next test for UK builders as Principality plots new RMBS

houses right size
By Tom Porter
22 May 2014

ABS bankers are intrigued to see what premium investors will demand for the latest UK building society RMBS next week, after Principality Building Society mandated for the second transaction from its Friary platform.

The Welsh lender has hired Barclays and HSBC to conduct a roadshow for the single tranche sterling denominated Friary No.2 prime UK RMBS on Tuesday and Wednesday next week. Principality will also hold an on-site due investor due diligence day in Cardiff next Thursday.

Principality’s emergence is another ...

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