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Together completes third securitisation

  • 10/10/2019
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Together completes third securitisation
Specialist lender Together has completed its third residential mortgage backed securitisation (RMBS).

The £332m Together asset-backed securitisation (TABS 3) has a 95 per cent advance rate, with 79 per cent of the issued notes rated Aaa(sf) by Moody’s and AAA(sf) by DBRS. 

Since Together completed its inaugural public £275m RMBS in September 2017, the group has raised or refinanced £3.7bn of debt facilities to support its lending activities. In November 2018, the group issued a £286.9m RMBS. 

TABS 3 is supported by a portfolio of first and second 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 £1.25bn Charles Street facility.  

Lloyds Bank Corporate Markets acted as arranger and joint lead manager accompanied by BNP Paribas, Natixis and NatWest Markets as joint lead managers on TABS 3. 

Gary Beckett, group managing director and chief treasury officer of Together, said: “This is our third successful public RMBS in just over two years and the strong level of demand we received from investors, many of whom had invested in our two previous RMBS transactions, demonstrates the continued attractiveness of the group’s long-term growth story.” 

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