Pendeford Mortgages - FRN Variable Rate Fix

RNS No 5127t
PENDEFORD MORTGAGES NO 1 PLC
16th March 1998


TO:   COMPANY ANNOUNCEMENTS OFFICE

PENDEFORD MORTGAGES NO 1 PLC
GPENDEFORD MORTGAGES NO 1 PLC
BP 250,000,000 CLASS A1 MORTGAGE BACKED FLOATING
RATE NOTES DUE 2037.  XS0063799661
GBP 200,000,000 CLASS A2 MORTGAGE BACKED FLOATING
RATE NOTES DUE 2037.  XS0063800188
GBP 300,000,000 CLASS A3 MORTGAGE BACKED FLOATING
RATE NOTES DUE 2037.  XS0063800428
GBP 195,000,000 CLASS A4 MORTGAGE BACKED FLOATING
RATE NOTES DUE 2037.  XS0064204869
GBP 30,000,000 CLASS A5 MORTGAGE BACKED FLOATING
RATE NOTES DUE 2037.  XS0064205593
PLEASE BE ADVISED THAT WE HAVE TODAY SET THE RATES
ON THE ABOVE ISSUES FOR THE PERIOD 16MAR98 TO
15JUN98 AS FOLLOWS:
CLASS A1 7.63078 PCT PER ANNUM
CLASS A2 7.67078 PCT PER ANNUM
CLASS A3 7.71078 PCT PER ANNUM
CLASS A4 7.73078 PCT PER ANNUM
CLASS A5 7.90078 PCT PER ANNUM
INTEREST PAYABLE VALUE 15JUN98 WILL BE AS FOLLOWS:
CLASS A1 GBP    58.52 PER GBP   3,076.10 NOTE
CLASS A2 GBP 1,912.44 PER GBP 100,000.00 NOTE
CLASS A3 GBP 1,922.41 PER GBP 100,000,00 NOTE
CLASS A4 GBP 1,927.40 PER GBP 100,000.00 NOTE
CLASS A5 GBP 1,969.78 PER GBP 100,000.00 NOTE.

FROM:
PAUL YARDE
GLOBAL TRUST AND AGENCY SERVICES
0171 325 8818

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