SPML completes 400m securitisation

Southern Pacific Mortgage Limited has completed a 400m securitisation of its mortgage assets, consisting of 85% first charge and 15% second charge mortgages from across its light adverse and sub-prime product ranges.

The securitisation was arranged and lead-managed by Lehman Brothers, who were joined by UniCredit Banca Mobiliare as co-manager. Notes were issued in US Dollars, Sterling and Euros.

Paul Rowbotham, head of investor relations at SPML, says: “SPS 05-3 is our 13th securitisation in the Southern Pacific Securities series. We were able to act quickly to bring this deal in response to specific investor demand. It was again particularly pleasing to have introduced a number of new, major, international investors to the SPML securitisation programme, which has now seen over 5bn of issuance. The success of the transaction reflects well on SPMLs continued high quality loan origination, and highly regarded servicing and collections operations”.