BoB: the builders’ friend
UK building societies are on the verge of using a multi-issuer covered bond structure being devised by Barclays Capital. The platform, affectionately nicknamed BoB (Builders of Britain) replicates the AyT system that gives Spain’s cajas access to the cedulas sector.
This is an important development for the UK’s building societies. Their mutual ownership structure precludes them carrying out securitizations because it is impossible to execute a true sale to a special purpose vehicle.
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