Paragon Banking Group has completed a new securitisation, which contain £899m of prime buy-to-let (BTL) mortgage assets.
The latest securitisation, Paragon Mortgages (No.29) (PM29), is estimated to create £747m of AAA rated senior bonds for the group.
Specialist bank Paragon is expecting the senior bonds to be used as collateral for the Bank of England repo funding facilities and are also available as security for commercial repo transactions with other institutions.
The Paragon Banking Group, which is listed on the London Stock Exchange as a constituent of the FTSE 250 index, is one of the UK’s largest providers of mortgages, savings accounts, and business finance. It generated revenues of £393m last year.
Commenting on the latest announcement, Paragon chief executive, Nigel Terrington, said: “This transaction, Paragon’s 67th securitisation, has been fully retained and further enhances our contingent funding capacity, continuing our strategy to diversify sources of funding.”
The arrangers for the securitisation were Santander Corporate & Investment Banking and BofA Securities.
Latest News
-
Residential property transactions dip year-on-year in May – HMRC
-
FCA to initiate ‘public conversation’ on mortgage market future
-
3.5 million first-time buyers ‘waiting in the wings’ – IMLA
-
Wealth management M&A set for record-breaking year
-
FCA ban on former Barclays CEO upheld by Tribunal
-
IG launches campaign to increase stock market investment
Is 2025 the year of the remortgage?
An estimated 1.8 million fixed rate mortgage deals are due to expire in 2025, 400,000 more than in 2024. This surge in remortgaging presents a critical opportunity for mortgage brokers to offer essential advice and financial support to homeowners across the UK, ensuring they transition smoothly to new deals amid stabilising interest rates and heightened affordability checks.
The future of the bridging industry and the Autumn Budget
MoneyAge content editor, Dan McGrath, is joined by head of marketing at Black & White Bridging, Matt Horton, to discuss the bridging industry, the impact of the Autumn Budget and what the future holds for the sector.
The UK housing market in 2024
The performance of the UK housing market in 2024 has largely exceeded many people's expectations, although challenges remain for first-time buyers due to house prices increasing and a testing rental market for many. Regional disparities, such as the North-South divide, also continue to influence housing accessibility and affordability for many buyers in pockets of the country.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories