Press Releases • July, 2019
Kensington issues £465 Million public securitisation
Kensington issues £465 million public securitisation
Kensington priced its latest securitisation transaction on 11 July 2019, bringing its total issuance to over £8.7 billion since the group was formed under its current ownership in 2015. The deal is the eighth from the lender’s Finsbury Square shelf, which it uses to securitise its owner occupied and buy to let originations.
The £465 million deal saw significant demand from investors, leading to the transaction being upsized from an initial size of £325 million. All tranches were oversubscribed even after the upsize.
After a slow start to the year on the back of Brexit uncertainty, the RMBS market has been very active in recent weeks, with seven transactions publicly placed with investors since the beginning of May. Despite the increased supply of bonds in the primary market, Kensington’s transaction was able to attract a wide range of investors and achieved excellent pricing terms.