Southern Pacific Mortgages Limited (SPML) has completed the securitisation of £700m of its mortgage assets consisting of 88% first charge and 12% second charge mortgages from across its range.
The securitisation was arranged and managed and led by SPML’s parent company, Lehman Brothers and DZ Bank AG will manage the securitisation. Around £602m of the total was rated AAA/Aaa/AAA, £45.5m was rated AAA/Aa2/AA, £26.5m was rated A/A2/A, £22.75m was rated BBB/baa2/BBB and £3.5m was rate BB/Ba1/BB by Standard and Poors, Moody’s and Fitch respectively. Paul Rowbotham, head of investor relations at SPML, says: ”The success of the transaction reflects well on SPML’s continued high quality loan origination, ‘five star’ servicing and structure of its securitisation deals.” If you h...
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