Paragon to launch £150m securitisation
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The Paragon Group of Companies, the parent company of Paragon Mortgages, is to launch a £150m securitisation.
The firm has instructed three lead managers, Lloyds Bank Corporate Markets, Macquarie Bank Limited, London branch and Morgan Stanley to launch the deal.
The final terms of the securitisation will be determined following the usual discussions between the lead managers and investors but it is currently expected that the issue size will be approximately £150m and that pricing will be at around 275 basis points over three month LIBOR.
Paragon says the securitisation will support its ongoing new lending programme.
This is the lender’s first securitisation since it returned to the buy-to-let market in September 2010, at the time, John Heron, managing director of Paragon Mortgages, revealed its intention to launch a securitisation this year.
The news follows Investec’s announcement yesterday that it is to launch a £204m Kensington securitisation.
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