OSB Group has announced that it has closed the Canterbury Finance No.5 securitisation.

The fully retained transaction securitises £1.33bn of prime buy-to-let (BTL) mortgage assets originated by OneSavings Bank. It will generate £1.1bn of AAA rated senior bonds for the group, which increases its wholesale funding options.

OSB Group began trading as a bank in 2011 and originates mortgages via specialist brokers and independent financial advisers through its specialist brands, which include Kent Reliance for Intermediaries and InterBay Commercial. The group provides specialist lending and retail savings and reports under two segments, Charter Court Financial Services and OneSavings Bank.

OneSavings Bank primarily targets market sub-sectors that offer high growth potential and attractive risk-adjusted returns. These include private rented sector BTL, commercial and semi- commercial mortgages, residential development finance, bespoke and specialist residential lending, secured funding lines and asset finance.

Commenting on the transaction, OSB Group CEO, Andy Golding, said: “This transaction, our first structured finance trade of the year, significantly increases the contingent wholesale funding options available to us.

“The transaction provides ongoing evidence of our sophisticated approach to liability management. I would like to thank our transaction advisers and counter-parties for supporting us on this transaction.”

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