Allen & Overy advised Nationwide Building Society on this RMBS. The notes were issued through their Silverstone master trust programme. They received a AAA rating and are secured by a portfolio of approximately GBP29bn of residential mortgage loans. The deal featured a maturity purchase arrangement whereby Nationwide has committed, subject to certain conditions, to purchase the notes from investors on the expected maturity date.

International Capital Markets partner Salim Nathoo commented: "With this deal following hot on the heels of the Lloyds RMBS and the fact that it was oversubscribed demonstrates that the appetite for structured securities is clearly on the increase and the market for mortgage backed bonds is beginning to reopen. It is very pleasing to see the positive reception this deal has received, this market is a crucial source of funding for banks and as confidence returns we anticipate more deals like this coming to market."

The Allen & Overy team was led by International Capital Markets partner Salim Nathoo, assisted by senior associate Liz Tippins and associate Jared Zakrewski. Derivatives advice was provided by senior associate Daniel Franks and associate Jonty Knight. Real Estate advice was provided by partner Dan McKimm and associates Michael Chivers and Aemelia Allen, with associate Jeremy Moncrieff advising on tax.