Lloyds sets up funding for floated TSB with prime RMBS

By Tom Porter
22 May 2014

Lloyds Bank has used a securitization of prime UK residential mortgages to provide its TSB spin-off with funding ahead of its anticipated initial public offering this summer.

Cape Funding No. 1 is a securitisation of UK prime residential owner-occupied mortgages originated by TSB Bank, Lloyds Bank and Cheltenham & Gloucester, which are all part of Lloyds Banking Group. The non-TSB-originated loans were transferred to TSB in July 2013, according to a Fitch pre-sale report.

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