This is the largest securitisation by Paragon to date and brings its total issuance to £8.3 billion through 41 public transactions.
For the first time, Paragon has offered bonds in several currencies attracting new investors in the United States and Continental Europe. Demand was strong across all currencies and the transaction size was increased in an attempt to satisfy the demand.
The notes were issued in various tranches as well as multi-currencies and were rated by Standard & Poor’s, Moody’s and Fitch.
Nick Keen, Paragon’s Finance Director comments:
“This transaction represents an exciting development in the Group’s securitisation programme, introducing the Paragon name for the first time to investors in the US, as well as to investors in Europe and the UK. Investor interest was highly positive and resulted in the upsizing of the deal.
Paragon continues to focus on the professional buy-to-let market where asset performance remains excellent and where growth prospects are high. The recent acquisition of Britannic Money, which now also focuses on originating prime buy-to-let mortgage assets, will enhance the Paragon programme issuance further and we expect to bring transactions similar to Paragon Mortgages (No.6) PLC to the market on a regular basis in the future.”
