Silk Road Programme
The Silk Road Finance RMBS Programme (The Silk Road Programme) has issued mortgage backed debt securities collateralised by UK originated prime mortgage assets since 2010. There have been four Silk Road transactions to date with the AAA bond issuance of £5.2 bn (sterling equivalent). At present one issuance is outstanding, Silk Road Finance Number Four which has an issuance value of £1.3bn
Features of the Silk Road programme include:-
- Standalone, static, pass-through structure.
- Collateralised by a pool of UK first lien, owner occupied, residential prime mortgage loans originated by the former Britannia Building Society or by the Co-operative Bank PLC under the “Britannia” or “Platform” brand name, or by Platform Funding Limited.
- The conservative credit structure, strong underlying prime collateral quality, and extensive cash management experience are strong features of the transactions issued.