Paragon Bank
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◆ Second public sterling covered bond secured against BTL mortgages ◆ Spread gap compressed versus prime covered bond peers ◆ Small premium paid -
British bank picks four leads to run its second public sterling BTL mortgage covered bond
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Banks have plenty of buy-to-let assets on their balance sheets; issuers should follow Paragon's lead for as long as investors and regulators allow
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The issuer is also looking to end a six year absence from publicly placed RMBS
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◆ Deal the first publicly placed UK covered bond secured on buy-to-let mortgages ◆ Saving spotted versus RMBS ◆ Low double digit pick-up needed over prime UK paper
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The specialist lender's rare appearance in the market will be for £500m
