Shawbrook brings debut UK RMBS as Sonia issuance grows

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).

  • By Tom Brown
  • 13 May 2019

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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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

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1 Citi 40,734.72 129 11.29%
2 JPMorgan 32,938.92 93 9.13%
3 Wells Fargo Securities 30,907.51 87 8.57%
4 Bank of America Merrill Lynch 27,917.30 88 7.74%
5 Credit Suisse 22,890.32 71 6.35%