Together Financial Services has announced the pricing of its inaugural second charge only owner-occupied and buy-to-let mortgage backed securitisation (RMBS), the £349 million Together Asset Backed Securitisation 2022 (TABS 2ND1).
This is its sixth successful issuance in ‘the TABS’ RMBS programme since 2017 and its eighth mortgage backed securitisation facility overall.
It was 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, AAA(sf) by DBRS and AAA(sf) by KBRA.
Gerald Grimes (pictured), group CEO designate of Together, 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.”