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BARCLAYS Bank sold L309m of mortgage-backed securities this week, closing a chapter in its L1bn+ Gracechurch securitisation programme. The success of this deal and its predecessors left participants hoping for more supply from the leading UK clearer.
The deal, sold via special purpose vehicle Gracechurch Mortgage Finance no3 PLC, was the last of the three securitisations to which the bank had committed itself in an effort to hone the technique into an integral part of its financial weaponry.
"We set ourselves the target of doing three particular deals," said Barclays group treasurer Brian Worsley. "We have done that and securitisation is now an established product within the Barclays group."
Worsley said the latest deal had filled a particular role.
"It is a landmark deal for us," he said. "It is the first time we have securitised assets originated by the branch network and we have managed to leave the customer relationship as unchanged as possible."
The two most recent Gracechurch securitisations parcelled up L280m of consumer loans advanced to Barclaycard credit card customers and L282m of mortgages introduced by Barclays Direct Mortgage Services.
An earlier June 1989 deal had marked the first UK...