Pepper Money brings first UK RMBS linked to Sonia

PA-UK houses
By Tom Brown
06 Jun 2019

Pepper Money has mandated Citi and National Australia Bank as arrangers for its non-conforming UK RMBS deal Polaris 2019-1, the first securitization of loans originated by Pepper UK in the region and the first from the issuer to be pegged to Sonia.

The loans are secured by properties in England and Wales which boast a relatively low loan-to-value average of 69.7%. It also has a lower percentage of self-employed ownership compared with other non-conforming UK deals.

Almost a third of borrowers in the pool have a county court judgement ...

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