It was carried out by Leek Finance Number Eleven plc
(LFL11), on 23 October 2003.
This is the sixth transaction under the Leek programme bringing the total of assets securitised to approximately £2 billion since 1996. The mortgages sold to LFL11 include mortgage loans originated by Platform, Britannia's non conforming subsidiary lender. This is the fourth transaction since the acquisition of Platform Home Loans (now Platform) by the Britannia Group. In addition, assets which were financed through two previous securitisations ( LFL1 and PH1), which were refinanced previously this year, have also been sold to LFL11.
Royal Bank of Scotland (RBS) was arranger.
The mortgages are administered by Western Mortgage Services Ltd in Plymouth, a wholly owned subsidiary Britannia Group company. Britannia Treasury Services, a wholly owned subsidiary of Britannia, managed the transaction on behalf of the Britannia Group.
The notes are not obligations of, and are not guaranteed by, Britannia Building Society or any subsidiary or affiliate of Britannia Building Society.
The mortgages in the portfolio were not originated by Britannia Building Society and they are not membership mortgages.
Gerald Gregory, Managing Director, Britannia Capital Investment Group and main board director of Britannia Group commented:
" As part of the strategy of diversifying the investor base under the Leek issuance programme, LFL11 issued mortgage backed securities into the US domestic market under the 144A private placement rules for the first time.
LFL11 also tapped into a larger European investor base through the EUR issuance.
We attracted a large investor base in the US, UK and continental Europe, many of whom are first time investors in the Leek programme. As the bonds were oversubscribed this enabled pricing to be tightened"
