Mortgages PLC completes securitisation deal

Mortgages PLC, the UK residential lender and wholly owned subsidiary of Merrill Lynch, has completed a securitisation deal for a total of £650m of mortgages.

The bonds, which are predominantly AAA rated, have been issued via Merrill Lynch to a number of investors including leading banks and insurance companies.

The issue was the first by Mortgages plc to include US Dollars and was oversubscribed in what is currently an extremely busy securitisation market

Tim Cooley, chief financial officer of Mortgages PLC, says: “We’re delighted to have successfully completed this deal, which is Mortgages plc’s tenth securitisation and fifth under Merrill Lynch ownership.

“We have securitised over £4bn of residential mortgages since inception, which is a great achievement.”