May 30, 2012 / 10:53 AM / 5 years ago

TEXT-S&P rts U.K. RMBS deal Holmes Master Issuer series 2012-3

May 30 -

OVERVIEW

-- We have assigned preliminary ratings to Holmes Master Issuer!apos;s series 2012-3 notes.

-- A pool of first-ranking mortgages secured over properties in England, Scotland, and Wales will indirectly collateralize the notes. Santander UK originated all of the loans in the master trust.

Standard !amp; Poor!apos;s Ratings Services today assigned its preliminary credit ratings to Holmes Master Issuer PLC!apos;s mortgage-backed notes series 2012-3 (see list below).

This will be the seventh transaction from the Holmes master trust since Santander UK PLC restructured its interest in the trust in October 2010. Before this date, Holmes had two funding vehicles--Holmes Funding Ltd. (Funding), and Holmes Funding 2 Ltd. (Funding 2). Pursuant to the restructure, all of the Funding 2 intercompany loans and the corresponding Holmes notes were redeemed in full. Correspondingly, the mortgage trust was reduced to GBP14.7 billion from GBP52.6 billion in September 2010. Funding 2 was liquidated as part of this restructure. The series 2012-3 issuance will provide an intercompany loan to Funding.

Santander UK sponsors three U.K. residential mortgage master trusts (Holmes, Fosse, and Langton). In October 2010, Santander UK restructured its interests across the Langton and Holmes trusts. This will be the seventh issuance from the Holmes master trust since the restructure (series 2010-1 closed in November 2010). We expect the series 2012-3 issuance to comprise class A and B notes. Credit enhancement to the class A and B notes and to the previously issued class A notes is provided by a combination of the reserve fund and the class Z notes, and, for the class A notes only, by the class B notes.

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