This was originated by its wholly owned subsidiary Cheltenham & Gloucester plc.
The total transaction size was £3.2 billion, with a range of notes being issued with various credit ratings, maturities, repayment profiles and currencies (issuance was in US Dollars, Euros, Sterling and Canadian Dollars).
Arkle is structured as a de-linked master trust revolving programme. This transaction brings the total issuance from the Master Trust to date to £10.2 billion.
The transaction was arranged by Lloyds TSB Bank plc and Citigroup, with the joint bookrunners being Lloyds TSB Bank plc (non-US notes only), Citigroup and Merrill Lynch.
Helen Weir, group finance director, said: “We are delighted with the market reaction to the second issuance from our new mortgage master trust. This transaction further underlines our commitment to improving the way in which the Group’s balance sheet is managed, moving from a 'buy and hold' approach towards an ‘origination and distribution’ framework.”
