Together has announced the successful pricing of its £302m second-charge-only residential mortgage-backed securitisation (RMBS).
TABS10 is supported by a portfolio of second-charge owner-occupied and BTL residential mortgages, secured against properties in England, Wales and Scotland.
It refinances assets forming part of the group's AA rated £1.25bn Charles Street facility (CABS) and the group’s senior secured notes.
Some 75% of issued notes are expected to be rated AAA(sf) by DBRS, AAA(sf) by S&P and AAA(sf) by KBRA.
Citi and BNPP acted as co-arrangers and joint lead managers, accompanied by HSBC and NatWest as joint lead managers.
Gerald Grimes, group CEO designate at Together (pictured above), commented: "We are delighted to announce the successful pricing of our first RMBS of 2024, TABS10.
“This will be our fourth mortgage-backed securitisation issuance of the current financial year and will help us to support more residential owner-occupier and BTL customers in realising their ambitions.”
Gary Beckett, group managing director and chief treasury officer at Together, added: “Since the start of our financial year in July, we have successfully raised or refinanced over £2.3bn in funding to support our growth ambitions, highlighting the strength of our business model, quality of our loan book and strong ongoing support from our investors.”
