Together has announced the successful pricing of its £445m first-charge-only residential mortgage-backed securitisation (“RMBS”), TABS12.
TABS12 is supported by a portfolio of first-charge owner-occupied and BTL loans secured against residential property in England, Scotland and Wales.
It refinances assets forming part of the group's AA rated £1.25bn Charles Street facility ("CABS") and the group’s senior secured notes.
TABS12 is priced at a weighted average cost of 1.08% with 95% advance rate — 89.5% of issued notes expected to be rated AAA(sf) by S&P and AAA(sf) by Fitch.
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).
Lloyds acted as arrangers and joint lead managers, accompanied by Natixis and Santander as joint lead managers.
Mike McTighe, chairman of Together, commented: "We are delighted to announce the successful pricing of our third RMBS this year as we continue to support more residential owner-occupier and BTL customers in realising their ambitions.”
Gary Beckett, group MD and chief treasury officer at Together, added: “Since the start of this calendar year, we have successfully raised or refinanced over £2.2bn across six transactions.
“As we continue to strengthen and diversify our funding, this highlights the strength of our business model, quality of our loan book and strong ongoing support from our investors.”
