Together Financial Services Limited has announced the successful pricing of its £276.8 million second charge-only residential mortgage-backed securitisation (RMBS), Together Asset Backed Securitisation 2025 – 2ND1 PLC (TABS13).
The transaction, which is backed by a portfolio of second charge owner-occupied and buy-to-let loans secured against residential properties across England, Scotland, and Wales, is the lender’s first public RMBS issuance of the year.
The new facility refinances assets from the group’s £387 million Wilmslow ABS facility and senior secured notes.
With a weighted average cost of placed notes at 1.20% and a 93.1% advance rate, 72% of the issued notes are expected to receive AAA(sf) ratings from both S&P and DBRS.
The transaction is part of Together’s broader funding strategy, complementing its existing nine public residential and four commercial mortgage-backed securities (MBS), seven private securitisation facilities, senior secured notes, and revolving credit facility.
Gary Beckett, group managing director and chief treasury officer at Together, said the latest issuance is a significant step in expanding the company’s funding programme.
He added: “We are delighted to announce the successful pricing of our first public RMBS this year as we continue to support more residential owner-occupier and buy-to-let customers in realising their ambitions.
“Since the start of this calendar year, we have already successfully raised or refinanced over £1.87 billion across three transactions, as we continue to strengthen and diversify our funding programme to support our future growth strategy.”
BNP Paribas acted as arranger and joint lead manager on the transaction, alongside HSBC, Santander, and Wells Fargo as joint lead managers.
