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UK Mortgages completes its inaugural securitisation

UK Mortgages Limited and its manager, TwentyFour Asset Management LLP, have announced that Malt Hill No.1 Plc (a public securitisation backed by buy-to-let mortgages originated by Coventry Building Society Group) has successfully completed the public sale of £263.3mm of AAA-rated bonds. As previously announced, the securitisation is backed by buy-to-let mortgages originated by Coventry Building Society Group and purchased in November 2015 by UK Mortgages (through an acquiring entity in which UK Mortgages has invested). The AAA notes were issued with a coupon of 3m LIBOR plus 1.35%, and the company says that this provides 6.8x leverage on the IPO proceeds that have been invested in this transaction. The company’s board says it is very pleased to see this transaction price. Silvia Piva, Portfolio Manager at TwentyFour said they look forward to bringing further transactions to market.

UK Mortgages completes its inaugural securitisation UKML

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