Santander UK - Issues under its Langton, Holmes and Fosse residential mortgage backed securitisation programmes

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Slaughter and May advised Santander UK plc and Holmes Master Issuer PLC on the restructuring and update of the Holmes programme in 2010 (including the termination of the programme of Holmes Master Issuer 2 PLC and the establishment of an existing notes redemption reserve for notes outstanding as at 15 October 2010), a market issue in November 2010 and two further market issues in February and March 2011. The three issues amount in total to approximately £5.7 billion. The issues were comprised of euro, dollar and sterling denominated notes. The notes are ultimately secured by a portfolio of mortgages originated by Santander UK plc.

Following the restructuring of the Langton programme in October 2010 and issue of 2010-1 and 2010-2 notes, Slaughter and May further advised Santander UK plc and Langton Securities (2008-1) PLC on an issue by Langton Securities (2008-1) PLC of euro and sterling denominated notes with an approximate value of £16.5 billion. Santander UK plc was the initial purchaser of the notes. The notes are ultimately secured by a portfolio of mortgages originated by Santander UK plc and Alliance & Leicester plc.

Slaughter and May advised Santander UK plc and Fosse Master Issuer plc on the restructuring and update of the Fosse programme in April 2011 and a subsequent market issue in May 2011 of approximately £4.7 billion. This is reportedly the largest individual market issue of RMBS in the UK since the onset of the financial crisis. The notes were comprised of euro, dollar and sterling denominated notes, and are ultimately secured by a portfolio of mortgages originated by Santander UK plc and Alliance & Leicester plc.

US law advice was provided by Cleary Gottlieb Steen & Hamilton LLP, Northern Irish law advice by McGrigors LLP, Scottish law advice by Tods Murray LLP and Jersey law advice by Mourant Ozannes.

Marc Hutchinson (partner), Guy O’Keefe (partner), Svjetlana Lugonjic (associate), Alex Biles (associate), Patrick Massey (associate), Niamh Dennehy (associate), Mike Loan (associate); Commercial Real Estate: Dermot Rice (partner), Daniel Marriott (associate); Tax: Sara Luder (partner), James Wood (associate); Financial Regulation: Ruth Fox (partner), Ben Kingsley (partner), Nick Ralph (associate), John Cameron (associate)