Europe securitisation of the year – Arran Residential Mortgages

Europe securitisation of the year – Arran Residential Mortgages

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Issuer: Arran Residential MortgagesSize: £4.59 billionIssue date: September 22, 2010Maturity: May 2047 Rating: AAA/AA (mezzanine)Tranches: A1, A2, A3, MTranche size: $1.15bn, €450m (A1); $1.55bn, €975m (A2); £665m, €300m (A3); $25m, €170m (M)Pricing: 3m Libor + 120bp (A1); 3m Libor + 140bp (A2); 3m Libor + 150bp (A3); 3m Libor + 210bp (M) For much of the past three years, the European residential mortgage-backed securities market has suffered by association wit