Silverstone Master Issuer 2019-1: 27 April 2019

This will be the tenth public issuance from Nationwide Building Society’s £35bln RMBS Master programme, of which five transactions are still outstanding. Including this issue, the aggregate principal amount of outstanding notes issued will be: Class A £3.735bln, Class Z £0.310bln.

This will be their first issue under the new STS regulations.

The expected portfolio as at the cut-off date (31 January 2019) consisted of 102,737 loans originated by Nationwide and secured over properties located in England, Wales, Northern Ireland and Scotland, having an aggregate true balance of £7.181bln as at that date. The average outstanding principal balance is £69,900 and the largest loan in the pool is for £893,002. Overall, there are 82 loans of at least £500,000, but these represent just 0.68% of total outstandings.

Compare/contrast: Silverstone Master Issuer 2018-1, Lanark Master Issuer 2019-1