Bookrunners: Barclays Capital, Lehman Brothers

The innovative nature of Northern Rock's Whinstone Capital Management transaction presented investors with no hesitation in acclaiming it the best securitisation of 2005. The deal was the first European securitisation programme to transfer first-loss risk through a credit default swap contract.

For many investors the novel use of credit derivatives technology gave further kudos to the borrower's position as an

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