US hedge fund mandates BofA for UK legacy RMBS

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By Tom Brown
11 Aug 2020

Davidson Kempner Capital Management has mandated Bank of America for Stratton Mortgage Funding 2020-1, a UK RMBS deal made up of mortgages originated between 2002 and 2008. It was priced on Thursday and its 2.95-year senior notes landed at 90bp over Sonia.

The US hedge fund is sponsoring the transaction through a risk retention vehicle, Burlington Loan Management, and through the vehicle listed as the seller, Ertow Holdings.

A pool of first-lien buy-to-let and owner-occupied mortgages is backing the transaction.

The hedge fund used both of these vehicles ...

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