Cookies on our website

We use cookies on our website. To learn more about cookies, how we use them on our site and how to change your cookie settings please view our cookie policy. By continuing to use this site without changing your settings you consent to our use of cookies in accordance with our cookie policy.

Read more Close
Skip Ribbon Commands
Skip to main content
Sign In

News

Allen & Overy advises on largest post-crisis RMBS transaction

 

Allen & Overy said today the GBP6.1 billion residential mortgage backed securitisation from Cerberus Capital Management LP, the largest transaction of its kind since the global financial crisis, indicates growing confidence in the securitisation market in Europe.

The bonds are backed by a pool of mortgages from the legacy book of NRAM, the former Northern Rock mortgage business which was nationalised in 2008. This deal follows Allen & Overy’s work on the sale of the GBP13bn asset portfolio by UK Asset Resolution (UKAR) to affiliates of Cerberus Capital Management LP in November 2015.

The transaction consists of seven rated tranches, the largest of which is a GBP4.7bn tranche rated AAA by Standard & Poor’s, Moody’s Investors Service and Fitch Ratings.

Allen & Overy advised Morgan Stanley as arranger and the joint lead managers. The team was led by London-based securitisation partners Sally Onions and Salim Nathoo and included securitisation associates Christina Nayman-Mills, Fiona McCrindle, Andrew Brooman, Jean Morice and Jia Wei Chin, tax partner Chris Harrison with Ben Brown and John Hwang, partner in New York, with Rolfe Hubley. 

Sally commented: “The message this transaction sends is really important, not simply because of its sheer size, but rather how it underlines the growing confidence in the ABS market. Market participants will be reassured by its success and we expect to see other non-bank entrants come to the securitisation market over the course of the year.”

For further information, please contact Rebecca Hooper, rebecca.hooper@allenovery.com on +44 (0)20 3088 2152.


Disclaimer: The information contained herein is restricted and is not for publication, distribution or release in or into the United States of America, Australia, Canada, Japan or South Africa. This announcement is not an offer of securities for sale or a solicitation of an offer to purchase securities in the United States or any other jurisdiction. The shares referred to herein (the "Securities") have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not, subject to certain exceptions, be offered or sold in the United States or to or for the account or benefit of a person located in the United States.
 

Authors

 

News search




Related people



  • Add comment (optional)