The transaction comprised £325m of floating rate notes, upsized from the previous and was more than three times oversubscribed.
Notes Issued:
- £132m Class A1a Notes rated AAA by Standard & Poors, Moodys and Fitch
- Eur221m Class A1b Notes rated AAA by Standard & Poors, Moodys and Fitch
- £16.25m Class M1 Notes rated AA by Standard & Poors, Moodys and Fitch
- £13.8m Class M2 Notes rated A by Standard & Poors, Moodys and Fitch
- £10.55 Class B1 Notes rated BBB by Standard & Poors, Moodys and Fitch
Robert Owen, Chief Executive Officer London Mortgage Company, commented:
“This issuance builds on the success of MARS2 – which was also vastly oversubscribed. For instance, our pricing is now at 14 basis points for the AAA notes, the same level as for the more established lenders in the marketplace. It is a reflection of the continuing appeal of the UK non-conforming residential mortgage market and specifically London Mortgage Company to both home-based and European Investors.”
