LONDON, UK: Together Financial Services Limited, one of the UK’s leading mortgage and specialist loan providers, announced the pricing of its £499.4 million 1st charge only residential mortgage backed securitisation (RMBS), Together Asset Backed Securitisation 2022 – 1ST1 PLC RMBS (TABS7).
· £499.4m 1st charge only RMBS
– Seventh successful RMBS since 2017
– Tenth mortgage backed securitisation (“MBS”) overall
· Placed notes priced at a weighted average cost of 1.60% with an advance rate of 92.62%
· 89% of issued notes expected to be rated AAA(sf) by Moody’s, AAA(sf) by S&P and AAA(sf) by KBRA
Gerald Grimes, Group CEO Designate of Together commented: “We are excited to announce the pricing of our largest ever mortgage backed securitisation which will provide significant additional funding to support our residential owner occupier and buy-to-let customers in realising their ambitions.”
Gary Beckett, Group Managing Director and Chief Treasury Officer at Together Financial Services, added: “TABS7 is our tenth public MBS since 2017 and our sixth successful funding transaction since January, as we continue to add further strength and diversity to our funding platform. We would like to thank our funding partners who continue to show strong support for the Together growth story.”
Over the past 19 months, Together has raised or refinanced over £5.9bn of facilities across 14 transactions as we continue to diversify and extend our funding profile. TABS7 is supported by a portfolio of 1st charge owner-occupied and buy-to-let residential mortgages, secured against properties in England, Wales and Scotland, and refinances assets forming part of the Group’s AA rated £1.25 billion Charles Street facility (“CABS”) and the Group’s senior secured notes. The new facility complements the Group’s existing six public residential and three commercial real estate MBS, five private securitisation facilities, senior secured notes and banking syndicate facility (RCF).
BNPP & Lloyds acted as Co-arrangers and Joint Lead Managers accompanied by NatWest Markets as a Joint Lead Manager on TABS7.
Together intends to announce its results for the year to 30th June 2022 on 20th September.