Together has announced the successful pricing of its £378m first-charge-only residential mortgage-backed securitisation (RMBS), TABS11.
TABS11 is supported by a portfolio of first-charge owner-occupied and BTL loans secured against residential property in England, Scotland and Wales and refinances assets in our Fairway Asset Backed Securitisation 1 Limited (“FABS”) facility, launched in December 2022.
It is priced at a weighted average cost of 1.08% with an advance rate of 94.9% — 88.5% of issued notes expected to be rated AAA(sf) by S&P and Fitch.
BNPP and Wells Fargo acted as co-arrangers and joint lead managers, accompanied by Santander as joint lead managers.
The new facility complements the group's existing seven public residential and four commercial real estate MBS, six private securitisation facilities, senior secured notes and banking syndicate facility (RCF).
It will help the lender to support more residential owner-occupier and BTL customers.
Gary Beckett, group MD and chief treasury officer at Together, added: “Since the start of our financial year in July, we have now raised or refinanced over £3.2bn across eight transactions as we continue to add depth of funding and maturity to support our lending ambitions.
“This highlights the strength of our business model, quality of our loan book and strong ongoing support from our investors.”
