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New securitisation from Mortgages plc

  • 01/06/2000
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Mortgages plc is expected to launch a second securitisation deal at the end of September, which will...

Mortgages plc is expected to launch a second securitisation deal at the end of September, which will be lead managed by Morgan Stanley and will have a value of £250m.

Paul Howard, sales and marketing director at Mortgages plc, said: “We had an exceptional response to our first securitisation due to its high quality.”

Some 86.5% of the parcel was given a AAA-rating by Standard and Poors and it had all been pre-sold. Howard added: “We expect the next securitisation to be of similar quality, if not better.”

Securitisation is becoming a common feature of the UK mortgage market and while more associated with the sub-prime market, Abbey National has securitised some of its loans.

Now that the ball is rolling, Howard, expects Mortgages plc to carry out a securitisation every six months.

l igroup has just completed a major securitisation of £225m residential non-conforming loans.

Led by Barclays Capital, and co-managers Greenwich Natwest and Morgan Stanley International, it is the second deal to be completed by the lender this year. The deal was comprised of £198m AAA-rated notes.

Keith Millward, finance director at igroup, said: “The fact that this our second major securitisation transaction this year highlights just how good business is at the moment.”


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