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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Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Citi 4,347 16 16.63
2 BNP Paribas 2,866 11 10.96
3 Morgan Stanley 2,420 6 9.26
4 Goldman Sachs 2,276 6 8.71
5 Bank of America Merrill Lynch (BAML) 2,086 9 7.98

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1 Citi 58,403.50 191 10.83%
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3 Bank of America Merrill Lynch 40,321.46 131 7.47%
4 Wells Fargo Securities 39,996.15 117 7.41%
5 Credit Suisse 37,748.55 119 7.00%