Together Financial Services Limited has announced the pricing of its first charge only residential mortgage backed securitisation (RMBS), the £318m Together Asset Backed Securitisation 2021 – 1ST1 PLC RMBS.
This is its fifth successful RMBS since 2017 and the seventh mortgage backed securitisation (MBS) overall since 2017.
It was priced at weighted average cost of 0.73% with 95% advance rate and 89% of issued notes expected to be rated Aaa(sf) by Moody’s, AAA(sf) by S&P and AAA(sf) by KBRA.
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Gerald Grimes, group chief executive designate of Together, said: “We are delighted to announce the pricing of our inaugural 1st charge only RMBS.
“TABS 1ST1 is an exciting new 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 sixth funding transaction since January and our seventh public MBS since 2017, underlining the quality and depth of our loan book and the continued support for the Together Growth story.
“TABS 1ST1 will further broaden our funding platform and raise additional liquidity to support the Group’s future growth ambitions.”