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%.

  • By Asad Ali
  • 21 Nov 2018

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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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Citi 3,691 11 20.70
2 Morgan Stanley 2,420 6 13.57
3 Goldman Sachs 2,096 5 11.75
4 BNP Paribas 1,686 6 9.45
5 Barclays 1,565 4 8.78

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 40,734.72 129 10.95%
2 JPMorgan 33,625.25 95 9.04%
3 Wells Fargo Securities 31,464.27 90 8.46%
4 Bank of America Merrill Lynch 28,936.60 91 7.78%
5 Credit Suisse 23,189.41 72 6.23%