Together Financial Services has completed its third residential mortgage-backed securitisation (RMBS).
Valued at £332m, the Together Asset Backed Securitisation 2019 — 1 PLC RMBS (TABS 3) — has a 95% advance rate and 79% of the issued notes rated Aaa(sf) by Moody's and AAA(sf) by DBRS.
In the AAA notes and AA notes, the TABS 3 issuance was 1.5 times oversubscribed and multiple times oversubscribed on the remaining classes of notes.
Gary Beckett, group managing director and chief treasury officer at Together, said: “We are delighted to announce the completion of our latest public RMBS, which further increases the scale, diversity, efficiency and maturity of our funding base.
“This is our third successful public RMBS in just over two years and the strong level of demand we received from investors — many of whom had invested in our two previous RMBS transactions — demonstrates the continued attractiveness of the group’s long-term growth story.”