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Presale: Holmes Master Issuer PLC (Series 2012-1) Jan 12
Standard & Poors, January 2012
Standard & Poor's Ratings Services has assigned its preliminary credit ratings to Holmes Master Issuer PLC's ("Holmes") up to -2.97 billion (equivalent) mortgage-backed notes series 2012-1. 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 fifth issuance from the Holmes master trust since the restructure (series 2010-1 closed in November 2010). We expect the series 2012-1 issuance to comprise up to -2.97 billion (equivalent) of class A notes and class Z notes. Credit enhancement to the class A notes and to previous Holmes issuances still outstanding is provided by a combination of the reserve fund and class...
Companies mentioned in this report are: Holmes Master Issuer PLC
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Research Type: Full Analysis
Holmes Master Issuer PLC