Lloyds TSB RMBS debut – November 2006

Jonathan Rigby, Rani Khiani and Ian O’Meara advised the mortgages trustee for Lloyds TSB’s £7.02bn debut RMBS deal. The bonds, backed by UK residential mortgages originated by Cheltenham & Gloucester, the former building society owned by Lloyds, were issued through a platform named Arkle.

Citigroup, Lehman Brothers and Lloyds were joint lead managers on the deal, which closed on 6 November.

The transaction features 24 multi-currency tranches, with the largest slice being the US$2bn triple-A rated Class A2 notes.

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

Arkle 2006-1 - MBS Deal of the Year, 2007 Global Derivatives & European Securitisation Awards.