Kensington Mortgages prices £452m securitisation

Kensington Mortgages has announced it has successfully priced a £452m of mortgage-backed securities transaction, Finsbury Square 2021-2, in the wholesale financial markets.

The transaction takes the total funds raised for the group to £13.4bn spread across 24 transactions since 2015.

Kensington is the most frequent issuer of mortgage bonds in the UK market and this deal is its third securitisation for the year. The lender revealed that all tranches were oversubscribed, with the seniors and mezzanine tranches going to 26 different accounts. The senior debt was priced at 80bps over SONIA.

The transaction will raise £463.7m of funding for the group, to continue to support complex and underserved borrowers to get onto the property ladder.

“We continue to build on the strong position we hold in the UK residential mortgage-backed security (RMBS) market and are delighted to issue our third and final securitisation of the year,” said Kensington capital markets and digital director, Alex Maddox.

“We look beneath the surface and consider complex and multiple income sources and lend to those who do not pass the automated credit process that most high street banks rely on and otherwise struggle to own a home. The business is seeing strong growth accompanied by stable returns, and this is reflected in the strong appetite amongst investors for our securitisations.”

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