October 2006
FIG Watch: RBS takes the RMBS market by storm
RBS has astonished the securitization market this year with a remarkable pace of issuance. Shortly after the bank issued £11.25 billion-worth of RMBS paper in just three months, director of capital management and securitization Ron Huggett explained the bank’s new thinking to Louise Bowman.
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| Ron Huggett: looking across the whole portfolio to apply securitization technology |
Ron Huggett, previously director of capital management at RBS in London, has recently changed his job title. He is now head of capital management and securitization – a clear sign of the intense focus that the UK bank is now putting on this financing technique as a balance sheet management tool. The strategic change has been quite remarkable: just a year ago the bank (albeit having an active CMBS programme, Epic) had not issued into the credit card securitization market for nearly five years and had yet to tap the residential mortgage securitization market at all. With a residential mortgage book now approaching £80 billion ($152 billion) in size, RBS was conspicuous by its absence.
What a difference a year makes. Fast forward 12 months and RBS is now the proud issuer of Europe’s largest ever securitization (the recently closed £6.5...
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