UK's Nationwide plans first public RMBS sale

UK Building Society Nationwide intends to sell its first public residential mortgage-backed securitization, a manager at one of the banks in charge of the planned sale said.

The deal will use its Silverstone Master Trust and is called Silverstone 2009-1. The notes are backed by prime UK first-lien residential mortgage loans.

Barclays Capital, Citi and JP Morgan are joint-lead managerson the sterling denominated transaction, which will take place after investor meetings scheduled to take place in the week of Oct 19, the manager said.