Deposit-rich Paragon to trim wholesale funding, apply for IRB
Paragon, the UK bank that specialises in buy-to-let mortgages, reported strong lending growth for its year to September, supported by a 47% increase in deposit funding. That reduced its reliance on wholesale funding and helped it boost profits by 25%.
Paragon was last in the securitization market in April with Paragon Mortgages No 25 — a £705.8m ($907.8m) buy-to-let (BTL) mortgage-backed security. The senior tranche was priced at 65bp over three month Libor, giving Paragon a blended all-in rate across all tranches of 72bp over Libor.The transaction ...
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