SPML securitises £325m of its mortgage assets

Southern Pacific Mortgage Limited has completed the securitisation of £325m of its mortgage assets.

Consisting of 85% first charge and 15% second charge mortgages, the securitisation was led by Lehman Brothers and also managed by HVB, CDC IXIS Capital Markets, Bank One Europe Limited and Fortis Bank.

It was sold in US dollars, sterling and euros. This latest issue brings SPML&#39s 12 month securitisation total to £1,075m the first time SPML has securitised over £1bn assets in one year.

Bill Cherry, managing director at SPML, says: “The ability to successfully maintain three well rated and priced bond issues a year reflects on SPML&#39s continued high quality loan originationand collections management systems, which are now well known and valued in the marketplace.”