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Barclays Bank launches residential mortgage securitisation


Barclays has launched Gracechurch Mortgage Financing 2007-01, a securitisation of residential mortgage loans.

Barclays Bank PLC has today launched a GBP6 billion mortgage-backed transaction. The mortgage-backed notes are issued by special-purpose vehicle Gracechurch Mortgage Financing PLC (GMF).

The transaction is the second securitisation of mortgage loans to be issued via the GMF master trust and originated by Barclays Bank; the collateral is a pool of prime mortgage loans secured by residential properties across the United Kingdom.

GMF 2007-1 comprises 15 tranches, with expected ratings of AAA to BBB, across three currencies (GBP, US$ and Euro).

“This securitisation once again shows the high quality of Barclays Bank’s mortgage book and good geographical mix of loans from all over the UK. The market is currently seeing record-breaking amounts of RMBS issuance, and we believe that the diversification of tranches across rating levels and currencies will appeal to investors” said Ross Aucutt, head of capital issuance and securitisation at Barclays Treasury.

“We expect rating agency pre-sale reports to be published tomorrow, aim to roadshow the transaction over the week of the 14th of May and to price in the following week” added Mr Aucutt.


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