£381,136,3000 notes were issued by Oak No.3 plc, a special purpose vehicle backed by a portfolio of prime mortgages originated by Aldermore.
The transaction is the first securitisation to be carried out by Aldermore in accordance with the new EU requirements under the Securitisation Regulation regarding simple, transparent and standardized securitisations (STS), which came into force on 1 January 2019.
The new framework for STS securitisations is designed to make it easier for investors to understand and assess the risks of a securitisation investment, and is part of recent regulatory reforms designed to revitalise the European securitisation market.
The Ashurst team was led by partner Thomas Picton, assisted by senior associate Sarah Gant (both Global Markets, London). Derivatives advice was provided by partner James Knight and senior associate Yuyi Yao.
Commenting on the transaction, Thomas Picton said:
"We are seeing a number of prime RMBS and auto transactions in the UK seeking STS designation, and are delighted to have advised Aldermore Bank on its first STS RMBS securitisation."
Ashurst's securitisation team advises originators, arrangers, investors and trustees on all aspects of asset-backed securities.
