Kensington withdraws securitisation

30 November 2011 | By Natalie Thomas

Investec, the parent company of Kensington, has withdrawn its £204m securitisation as a result of the current market conditions.

The deal - Gemgarto 2011-1, was launched at the beginning of the month and was backed by a pool of prime residential mortgages.

But a spokesman for Kensington says the deal has been pulled because of pricing issues, which meant it was no longer commercially attractive for Investec.

He says: “As a result of current market conditions, Investec Bank has decided to postpone the marketing of Gemgarto 2011-1 plc. Investec would like to thank investors for their time and interest.”

All of the mortgages within the deal had been originated by Kensington since its return to lending in November 2009.

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