Presale: Holmes Master Issuer PLC (Series 2011-3) Sep 11
Standard & Poors, September 2011
Abstract
Standard & Poor's Ratings Services has assigned its preliminary credit ratings to Holmes Master Issuer PLC's ("Holmes") up to -2.53 billion (equivalent) mortgage-backed notes series 2011-3. Santander UK PLC sponsors three U.K. residential mortgage master trusts (Holmes, Fosse, and Langton). In October 2010, Santander UK restructured its interests across the Langton and Holmes trusts. This will be the fourth issuance from the Holmes master trust since the restructure (series 2010-1 closed in November 2010). We expect the series 2011-3 issuance to comprise up to -2.53 billion (equivalent) of solely class A notes. Credit enhancement to these notes and previous Holmes issuances still outstanding is provided by a combination of the reserve fund and previously issued class Z notes. A pool...
Companies mentioned in this report are: Holmes Master Issuer PLC
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Research Type: Full Analysis
Holmes Master Issuer PLC
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