Runner-up: Arkle


Against a backdrop of unprecedented issuance of UK mortgage-backed securities, Lloyds TSB made its debut in spectacular style by launching a £7.02 billion deal and the world's largest ever securitisation.

Issued through its Arkle Master Issuer Trust programme, the deal is backed by £19.75 billion of prime residential mortgages originated by Lloyds TSB's subsidiary Cheltenham & Gloucester, the UK's third-largest mortgage lender.

The company considered a number of options, including covered bonds

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