Silk Road Programme
The Silk Road Finance RMBS Programme (The Silk Road Programme) has issued mortgage backed debt securities collateralised by UK originated mortgage assets since 2010. There have been three bond deals in the Silk Road programme to date, with the issuance of bonds to the value of £3.9 bn (sterling equivalent).
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 brand name.
- The conservative credit structure, strong underlying prime collateral quality, and extensive cash management experience are strong features of the transactions issued.