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 Bank of America Merrill Lynch (BAML) 1,284 2 30.09
2 Barclays 633 1 14.82
3 BNP Paribas 509 1 11.91
4 Citi 467 1 10.94
5 Morgan Stanley 455 1 10.66

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Rank Lead Manager Amount $m No of issues Share %
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1 Citi 9,235.10 31 12.19%
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3 Bank of America Merrill Lynch 7,473.95 24 9.86%
4 JPMorgan 7,225.34 25 9.54%
5 Wells Fargo Securities 6,258.35 24 8.26%