Shawbrook brings debut UK RMBS as Sonia issuance grows

By Tom Brown
13 May 2019

UK challenger bank Shawbrook is issuing a prime UK buy-to-let RMBS comprised of first-lien mortgages via sole arranger Lloyds. The deal is the first securitization to come from Shawbrook and will be the second non-retained deal linked to the sterling overnight index average benchmark (Sonia).

Only the deal’s class ‘A’ senior tranche will be offered, which has a weighted average life of 2.8 years. The class ‘B’, ‘C’ and ‘Z’ notes will be retained by the issuer.

The deal is the second ever Sonia-linked securitization to come to market, after Nationwide brought the first ...

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