Together Financial Services has announced the pricing of its latest first charge only residential mortgage backed securitisation (RMBS).
Together Asset Backed Securitisation 2023 – 1ST2 PLC RMBS (TABS9) was priced at £443m. It had a 1.48% weighted average cost of placed notes and 94.65% advance rate.
90% of issued notes are expected to be rated AAA(sf) by Fitch, AAA(sf) by S&P and AAA(sf) by KBRA.
TABS9 is supported by a portfolio of first charge owner-occupied and buy-to-let residential mortgages, secured against properties in England, Wales and Scotland, and refinances assets forming part of the Group’s AA rated £1.25 billion Charles Street facility (CABS) and the Group’s senior secured notes. The new facility complements the Group’s existing six public residential and three commercial real estate MBS, six private securitisation facilities, senior secured notes and banking syndicate facility (RCF).
Gerald Grimes (pictured), group CEO designate of Together, said: “We are delighted to announce the successful pricing of our second RMBS this year, which will help us to support more residential owner occupier and buy-to-let customers in realising their ambitions.”
Gary Beckett, group managing director and chief treasury officer at Together, added: “Over the last 12 months we have successfully added almost £1.5bn in funding to support our growth ambitions, highlighting the strength of our business model, quality of our loan book and strong ongoing support from our investors.”
Lloyds acted as Arranger and Joint Lead Manager accompanied by Barclays, MUFG and Wells Fargo as Joint Lead Managers.