Aldermore launches £333m securitisation
Aldermore Bank has today announced the launch of a debut £333 million securitisation
Aldermore Bank has today announced the launch of a debut £333 million securitisation.
The £333 million AAA UK RMBS transaction, is the first such deal the company has entered into.
The RMBS (Residential Mortgage Backed Securities) transaction has been backed by a portfolio of prime UK mortgage loans originated by Aldermore.
The portfolio itself consists of first-ranking owner-occupied UK residential mortgages, with no right-to-buy, buy-to-let, self-certification or offset loans included.
It is made up of 2,696 loans with an average current balance of £134,878 and an average remaining term of 20.9 years.
Aldermore's banking licence allows for retail and SME deposit gathering in addition to low cost funding opportunities such as RMBS.
A spokesperson for the Bank said: "Aldermore is pleased to announce its debut prime UK Residential Mortgage Backed Securities (RMBS) transaction - Oak No.1 PLC ("Oak 1").
“As a growing bank, securitisation marks a strategic milestone in the evolution of Aldermore.
“The diversification of our wholesale funding sources will enable us to continue to support our customers with award-winning mortgages and specialist finance for small and medium size businesses."
An investor roadshow is expected to be held this week on Wednesday 26th and Thursday 27th March, with pricing to be completed thereafter.
JP Morgan is acting as sole arranger and bookrunner on the deal, with JP Morgan and Lloyds Bank acting as joint lead managers.
Keywords: Aldermore Bank, securitisation, debut, deal, AAA, RMBS, residential mortgage backed securities, transaction, portfolio, prime, UK, mortgage loans