Together announces pricing of £349m RMBS

Together has announced the pricing of its inaugural second-charge-only owner occupied and BTL mortgage-backed securitisation (RMBS).

The £349m TABS 2ND1 is supported by a portfolio of second-charge owner-occupied and BTL residential mortgages secured against properties in England, Wales and Scotland, and refinances assets forming part of the group's AA-rated £1.25bn Charles Street facility ("CABS").

It is Together’s eight mortgage-backed securitisation facility.

TABS 2ND1 is priced at a weighted average cost of 1.96% with 91.6% advance rate — 73.5% of issued notes are expected to be rated AAA(sf) by S&P, and KBRA.

Gerald Grimes, group CEO designate at Together (pictured above), said: "We are delighted to announce the pricing of our inaugural second-charge-only RMBS. 

“TABS 2ND1 is another exciting issuance for Together and will provide significant additional headroom to increase our residential lending as we continue to shape our business for an exciting future."

Gary Beckett, group managing director and chief treasury officer at Together, added: "This is our fourth funding transaction since January and our eighth public MBS since 2017, underlining the quality of our loan book and the continued support for the Together growth story. 

“TABS 2ND1 will provide further depth to our funding profile and raise additional liquidity to support the group's future growth ambitions."

Over the past 17 months, Together has raised or refinanced over £5bn of facilities across 12 transactions, including senior secured note issuances and private and public securitisations.

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