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Clifford Chance advises Bank of Scotland plc on public standalone RMBS

3 May 2011

Clifford Chance advises Bank of Scotland plc on public standalone RMBS

International law firm Clifford Chance advised Bank of Scotland plc as seller and administrator, Lloyds TSB Bank plc as arranger and Headingley RMBS 2011-1 plc as issuer in relation to the public issuance of residential mortgage backed securities (RMBS), which closed on 31 March 2011.

The standalone issuance was secured on a £1.17bn equivalent pool of prime UK mortgages selected from high quality UK retail mortgage assets originated under the Halifax brand. The transaction is significant as it is the first ever UK RMBS to involve the offering of an Australian dollar tranche of notes. Tranches of euro and sterling notes were also issued under the transaction.

Contacts The team was led by Capital Markets partner Emma Matebalavu together with tax partner Chris Davies. The team included Kathryn James in Capital Markets and Jemma Dick in Tax.