It is the lender’s tenth mortgage backed securitisation overall and in the last 19 months, it has raised or refinanced over £5.9bn of facilities across 14 transactions.
Together said it continued to diversify and extend its funding profile.
TABS7 comprises a portfolio of first charge owner-occupied and buy-to-let residential mortgages, secured against properties in England, Wales and Scotland. It refinances assets which are part of Together’s AA Moody’s rated £1.25bn Charles Street (CABS) facility and its senior secured notes.
The placed notes of TABS7 have been priced at a weighted average cost of 1.60 per cent with an advance rate of 92.62 per cent. Some 89 per cent of the issued notes are expected to be rated AAA by Moody’s, AAA by S&P [Standard and Poor] and AAA by KBRA [Kroll Bond Rating Agency].
It is an addition to Together’s six existing public residential and three commercial real estate mortgage backed securitisations, five securitisation facilities, senior secured notes and a banking syndicate facility.
Gerald Grimes (pictured), group CEO designate of Together said: “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, 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.”
