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Together prices second-charge only securitisation at £349m

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  • 20/05/2022
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Together prices second-charge only securitisation at £349m
Together has priced its inaugural second charge only mortgage-backed securitisation (MBS) at £349m, which will “provide significant additional headroom” to grow its residential lending.

It is the sixth issuance of its Together Asset Backed Securitisation (TABS) programme since 2017, named TABS 2NDI, and its eighth MBS overall.

The deal consists of second charge only owner-occupied and buy-to-let loans. Its weighted average cost is 1.96 per cent with 91.6 per cent advance rate.

Nearly three quarters, just under 74 per cent, of the issued notes will be triple A rated by S&P, DBRS and KBRA, according to Together.

The lender said that over the past 17 months it has raised or refinanced £5bn of facilities across 12 transactions. This includes senior secured note issuances and private and public securitisations.

It said that it would “continue to diversify and extend [its] funding profile to support our growth ambitions”.

Gerald Grimes, group chief executive designate of Together, said: “We are delighted to announce the pricing of our inaugural second charge only RMBS.

“TABS 2ND1 is another exciting issuance for Together and will provide significant additional headroom to increase our residential lending as we continue to shape our business for an exciting future.”

Gary Beckett, group managing director and chief treasury officer at Together, added: “This is our fourth funding transaction since January and our eighth public MBS since 2017, underlining the quality of our loan book and the continued support for the Together growth story.

“TABS 2ND1 will provide further depth to our funding profile and raise additional liquidity to support the group’s future growth ambitions.”

Lloyds, BNPP and Citibank acted as joint lead arrangers accompanied by Natixis as joint lead manager.

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