Santander UK and Langton Securities - Residential mortgage backed securitisations

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Slaughter and May advised Santander UK PLC, Langton Securities (2010-1) PLC and Langton Securities (2010-2) PLC on two residential mortgage backed securitisations. The first securitisation completed on 1 October 2010, where Langton Securities (2010-1) PLC issued six classes of Sterling denominated floating rate notes with a total value of £2,285,715,000. The second securitisation completed on 12 October 2010, where Langton Securities (2010-2) PLC issued five classes of US Dollar, Euro and Sterling denominated floating rate notes with a Sterling value of £6,715,998,168. Also on 12 October 2010, Langton Securities (2010-1) PLC issued a further six classes of Sterling denominated floating rate notes, with a total value of £13,291,774,000. The notes are ultimately secured by a portfolio of mortgages originated by Santander UK and Alliance & Leicester. Barclays Capital acted as sole lead manager and Santander UK was the initial purchaser of the notes.

Cleary Gottlieb Steen & Hamilton LLP advised on US law, McGrigors LLP advised on Northern Irish law, Tods Murray LLP advised on Scottish law and Mourant Ozannes advised on Jersey law.

Guy O'Keefe (partner), Richard Fletcher (associate), Stephen Fishbourne (associate); Commercial Real Estate: Dermot Rice (partner), Daniel Mariott (associate); Tax: Sara Luder (partner), James Wood (associate); Financial Regulation: Ruth Fox (partner), Nick Ralph (associate)