Santander UK and Fosse Master Issuer - issue of Australian law notes under Fosse RMBS programme

  • 25 May 2012

Slaughter and May advised Fosse Master Issuer PLC and Santander UK PLC in respect of the issue of notes in an amount of approximately £2.5 billion under the Fosse Residential Mortgage-Backed Note Issuance Programme. The issue comprised Euro, Dollar, Sterling, Australian Dollar and Japanese Yen denominated notes.

The Australian Dollar notes were constituted under Australian law and will be listed on the Australian Securities Exchange ("ASX"). This reportedly represents the first issuance by an English issuer of ASX listed notes under an English Residential Mortgaged-Backed programme.

An application will also be made to the Reserve Bank of Australia (the "RBA") for the Australian law notes to be recognised as eligible securities for the purposes of RBA open market operations.

The English law notes have been admitted for trading on the regulated market of the London Stock Exchange.

Two sub-classes of the notes have been rated AA; reportedly the first AA-rated issuance by a UK institution since the onset of the financial crisis.

The issuer was advised as to Australian law by Norton Rose LLP, Northern Irish law by Pinsent Masons LLP, Scottish law by Tods Murray LLP, Jersey law by Mourant Ozannes and US law by Cleary Gottlieb Steen and Hamilton LLP. Allen & Overy LLP acted for the dealers.




Financing: Guy O’Keefe (partner), James Greenwood (associate), Jonathan Keane (associate); Tax: Sara Luder (partner), Gregory Price (associate); Real Estate: Dermot Rice (partner), Daniel Marriott (associate); Financial Regulation: Ruth Fox (partner), Michael Sholem (associate)

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