Together, the prices of the first RMBS at second load only at £394 million


Together Financial Services has priced its first mortgage-backed securitization (RMBS) at £349m.

Together Asset-Backed Securitization (TABS) 2NDI is the sixth issue in its TABS program since 2017 and the eighth MBS facility overall.

It was set at a weighted average cost of 1.96% with an advance rate of 91.6%.

Almost three quarters (73.5%) of the notes issued will be rated AAA by S&P, DBRS and KBRA.

Together Group Chief Executive Designate Gerald Grimes said: “We are delighted to announce pricing for our first second load only RMBS. TABS 2ND1 is another exciting show for Together and will provide significant additional headroom to grow our residential lending as we continue to shape our business for an exciting future.

The lender said that over the past 17 months it has raised or refinanced more than £5bn of facilities across 12 transactions, including senior secured note issues and private and public securitisations.

TABS 2ND1 is backed by a portfolio of owner-occupied and BTL residential mortgages, secured by properties in England, Wales and Scotland.

Gary Beckett, Managing Director and Head of Treasury, Together Group, commented: “This is our fourth financing transaction since January and our eighth public MBS since 2017, which underlines the quality of our loan portfolio and the continued support for Together’s growth story.

“TABS 2ND1 will deepen our funding profile and raise additional liquidity to support the group’s future growth ambitions,” added Beckett.

Lloyds, BNPP and Citibank acted as co-lead managers with Natixis as co-lead managers on TABS 2ND1.

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