Keep up to date with the latest developments at Belmont Green.
Belmont Green, trading as Vida Homeloans, has today announced the pricing of a £350m securitisation deal. This new deal, which has been led by Barclays, JP Morgan, NatWest Markets and Santander, is one of the first since the onset of the COVID-19 crisis and the fifth RMBS transaction for Belmont Green.
Tower Bridge Funding 2020-1 saw significant appetite from prominent ABS investors as well as attracting several high-profile additions to the programme. The trade included a number of innovative structural features, designed to mitigate any investor concerns over the impact of the pandemic.
Pricing on the transaction was strong, with AAA notes settling at 137 basis points over SONIA, comparing very favourably to Belmont Green’s Tower Bridge Funding No.4 securitisation in June 2019 which priced only 10 basis points tighter.
Anth Mooney, CEO, Belmont Green, said:
“This is one of the first RMBS transactions to complete in Europe since the onset of the COVID-19 crisis and we are delighted to have seen such strong demand from investors. COVID-19 has had an unprecedented impact on the UK mortgage market. The virus and the subsequent lockdown effectively closed the securitisation markets, so our deal can be seen as an important staging post in the recovery of market confidence.”