Extension risk ahead for UK deals as Q2 call dates near

By Tom Brown
27 Apr 2020

More than £2.3bn ($2.86bn) of UK securitizations are coming up for call, as a majority of the year’s redemption schedule is packed into the current quarter. Investors expect banks to call as normal, but see non-bank deals as likely to miss their calls and extend.

Upcoming call dates for the largest three transactions include Warwick Finance One and Two, with redemption dates in June, and Oat Hill No 1, set for May.

Co-Op Bank originated the mortgages backing the Warwick transactions but sold the deals in full capital structure format as part ...

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