Arkle 2006-1
The Lloyds TSB Arkle 2006-1 securitization printed a world record-breaking £7 billion ($14 billion) of U.K. prime mortgage notes. The transaction marked a new high in the size of securitized transactions and garnered £10 billion ($13.6 billion) worth of orders. Some observers attributed the transaction's success in part to the issuer's novelty. In addition, the apparent ease with which the market absorbed the paper highlighted the depth of global liquidity available to European banks through securitization. The deal closed in November 2006. Lloyds, Citi and Lehman Brothers were the arrangers while Allen & Overy acted as lead counsel. Lead players on the deal included Mark Escott, head of securitization, who recently moved from Lloyds to Bank of Tokyo-Mitsubishi UFJ.