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Kensington completes further £650m securitisation

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  • 24/07/2020
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Kensington completes further £650m securitisation
Kensington Mortgages has completed a further £650m securitisation to take it past £1bn in bonds issued since June.

 

The lender completed a £400m securitisation last month which it said would put it in position to relaunch competitive deals supporting people who have been affected by the coronavirus crisis.

Kensington said it was the first issuer to access the UK residential mortgage backed securitisation (RMBS) markets twice since the reopening of capital markets in mid-June.

It added that its latest RMS32 deal was the largest public RMBS to be successfully sold to investors following the easing of Covid-19 lockdown restrictions.

RMS32 comprises seasoned non-conforming first charge and second charge residential mortgages and will allow the refinancing of two existing Kensington legacy securitisations, it noted.

The transaction allows Kensington to secure more funding to support its mortgage customers.

Alex Maddox, capital markets and digital director (pictured) said: “Since the markets reopened in June, the RMBS market has seen a flurry of activity.

“This deal’s oversubscription and the fact that we were able to follow a more standard syndication process demonstrates investor appetite for our funding and the strength of our underlying business.

“We continue to be the most frequent issuer of RMBS in the UK RMBS market, and see further opportunities for the year ahead.”

Maddox added that the lender was expecting the stamp duty changes to help kickstart the housing market.

 

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