Atom Bank sells almost a quarter of mortgages to single investor

Chemical Structure
By Owen Sanderson
28 Nov 2019

UK challenger Atom Bank has sold a fully preplaced UK RMBS, Elvet Mortgages 2019-1, in a structure similar to the Pimco-sponsored securitizations of legacy UK mortgages — but not bought by the west coast investor, GlobalCapital understands. The £507m portfolio represents almost a quarter of the bank’s mortgages, based on its last published financials.

The deal is Atom’s second outing in the RMBS market, following its debut last year. But while last year’s deal was a pure funding deal, placing £400m of senior notes through a broad syndication run by BNP Paribas and Lloyds, this year’s deal deconsolidates an entire portfolio of ...

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