Money Partners completes securitisation
Totalling £600 million, the transaction is the largest in the specialist lender's programme to date, and follows its two successful securitisations completed in 2005 valued at £400 million each.
The transaction – Money Partners Securities 3 PLC (MPS 3) – was issued via Kensington Group PLC with Morgan Stanley and The Royal Bank of Scotland acting as lead managers.
MPS 3 comprises approximately 75 per cent first charge mortgages and 25 per cent second charge mortgages by balance as originated by Money Partners.
Simon Kingdon, finance director at Money Partners, said: “We are delighted with the level of interest shown by investors in this third securitisation from Money Partners. This allowed us to increase its size by 20 per cent from its planned value of £500 million to its completion value of £600 million, reflecting the growth in new business levels. The growing acceptance of the Money Partners' securitisation programme also allowed us to tighten pricing, increasing the efficiency of our funding model.”