The Royal Bank of Scotland's financial markets team has demonstrated the competitiveness of its structured finance franchise with a £300m (€497m) securitisation for Littlewoods, the largest privately owned company in the UK.

RBS beat seven or eight competitors to win the mandate for the deal, billed by the bank as the &quotfirst home shopping securitisation&quot. A Jersey-based trust structure was used to accommodate the receivables, which are derived from retail sales through Littlewoods catalogues.