Atom bank has executed its fourth residential mortgage-backed securitisation (RMBS), ‘Elvet Mortgages 2021-1’.

The £367m transaction, which was part offered/part retained, was issued on 15 October and was 1.6 times oversubscribed.

Elvet 21-1 was Atom’s tightest ever issuance, with the Class A notes (fully offered) priced at SONIA + 37bps.

David McCarthy, chief finance officer at Atom bank, said: “We’re delighted to have completed our fourth residential mortgage-backed securitisation. Securitisation will continue to be one of the ways we deliver efficient funding for our business, contributing to our overall model of keeping costs low and passing value back to our customers.

“Alongside our ongoing trading successes in mortgages and business lending, this transaction is fuelling a sustained period of growth and profitability for Atom.”