Lendco has priced its third public BTL securitisation, Atlas 2023-1, valued at £304m.
The transaction consisted of a pool of prime UK BTL mortgages and, due to strong investor demand, was the tightest priced issuance since the lender’s previous Atlas 2022-1 securitisation in April 2022.
Atlas 2023-1 was oversubscribed by two times overall, with the firm receiving interest for £580m against the £290m of bonds being offered across the capital structure.
The firm has grown its investor base again, with a total of 23 separate investors across the various tranches, including 16 in the AAA category.
Adrian Scragg, director of treasury, capital markets and ESG at Lendco, said: “The fact that this deal was so tightly priced while remaining very well subscribed speaks volumes about the quality of the mortgages we originate.
“Investors are comfortable with our continuity and the maturity of our portfolio.”
Simon Knight, CEO at Lendco (pictured above), commented: “Five years ago we launched with the aim of only offering high quality BTL mortgages for experienced portfolio landlords.
“This third successful securitisation proves just how well we’ve done that and we continue to strive to offer our intermediaries a service and a product range that meets their clients' ongoing BTL mortgage needs.”
