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 "first home shopping securitisation". A Jersey-based trust structure was used to accommodate the receivables, which are derived from retail sales through Littlewoods catalogues.
