Pepper Money Ltd, the UK specialist residential mortgage lender, has successfully completed its first residential mortgage backed securitisation.
Pepper Money is a wholly owned subsidiary of the Pepper Group, the global financial services business, which has issued over 30 residential mortgage backed securitisation transactions.
The UK transaction, which generated £260m in funding via the sale of UK residential mortgage backed bonds issued under the Polaris 2019-1 brand, was very well received by the UK and International investor base. The transaction achieved exceptional levels of demand with high levels of over-subscription at every ratings level, achieving competitive final pricing levels notwithstanding the strong supply dynamics evident in the market.
Polaris 2019-1 was structured using Sterling Overnight Index Average (SONIA) in preparation for the end of LIBOR-based transactions in 2021.
Laurence Morey, CEO of Pepper Money, says:
“There was strong investor demand for this securitisation, which was over-subscribed in a competitive and uncertain market. This is testament to the quality assets we are able to generate at Pepper Money and the strength of Pepper’s global franchise. While Polaris 2019-1 happens to be our first UK transaction it builds on Pepper’s exceptional multi cycle track record as a committed capital markets issuer. Polaris 2019-1 is another important step in our growth plans to develop a market leading specialist lending business built on a diverse and sustainable funding strategy.”
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About Pepper Money
Pepper Money is the brand name used globally by all Pepper Group companies to market consumer finance products.
In the UK, Pepper Money offers a range of residential and buy to let mortgages to borrowers who may be experiencing difficulties obtaining a mortgage from a high street bank or building society.
We only lend via intermediaries and our systems and service have been specifically developed for use by mortgage brokers.
Pepper Money is part of the Pepper Group, a diversified, global financial services business. Our senior management team are some of the most experienced in the UK mortgage industry and they have built a long-lasting reputation for creating innovative, flexible home loan products and services.
Pepper Money is authorised and regulated by the Financial Conduct Authority.
Further information can be found at www.pepper.money