Paragon Banking Group PLC Completion of securitisation (5043L)
30 Abril 2020 - 05:42AM
UK Regulatory
TIDMPAG
RNS Number : 5043L
Paragon Banking Group PLC
30 April 2020
Paragon Banking Group PLC
30 April 2020
Completion of securitisation
Paragon Banking Group PLC ("Paragon" or "the Group") is pleased
to announce it has completed its latest securitisation, Paragon
Mortgages (No.27) PLC ("PM27"). The arrangers were Lloyds Bank
Corporate Markets Plc and BofA Securities.
PM27 is Paragon's first fully retained transaction in its
long-established securitisation programme. PM27 contains GBP760
million of prime buy-to-let fixed rate mortgage assets originated
by Paragon Bank PLC and Paragon Mortgages (2010) Limited, creating
GBP648.3 million of AAA rated senior bonds for the Group. It is
expected that the senior bonds will be used as collateral for the
Bank of England repo funding facilities and the Term Funding Scheme
with additional incentives for SMEs (TFSME) scheme. The senior
bonds are also available as security for commercial repo
transactions with other institutions.
Commenting on today's announcement, Paragon's Chief Executive,
Nigel Terrington, said: "Covid-19 has adversely impacted financial
markets since March, including the RMBS market where margins have
widened significantly. We have therefore decided to retain the PM27
Notes as an efficient contingent liquidity resource. We expect the
Notes to be eligible for utilisation in the Bank of England's term
funding schemes, including TFSME, and will provide a cost-effective
alternative to the RMBS market."
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END
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