Alliance & Leicester - Fosse RMBS - October 2006

A Mourant du Feu & Jeune team led by Jonathan Walker advised the mortgages trustee for Alliance & Leicester’s new £2.5bn (US$4.7bn) deal called Fosse by which Alliance & Leicester has become the latest issuer to enter the UK prime RMBS market.

Barclays Capital and Citigroup are joint-leads on the transaction, which is due to begin roadshows on 30 October, with pricing expected in the week of 6 November.

The transaction features 12 multi-currency tranches, with the largest slice being the US$1.25bn triple-A rated 2.99-year Class A2 notes.

Other RMBS deals on which Mourant du Feu & Jeune has advised include Lloyds TSB’s Arkle, Bradford & Bingley’s Aire Valley, Halifax’s Permanent, Northern Rock’s Granite, and Bank of Scotland’s Melrose structures.