Ashurst advises Santander on 750 million RMBS note issuance

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    The Issuer, Holmes Master Issuer plc, issued its series 2023-1 notes with a principal amount equal to £750,000,000 backed by a portfolio of first-lien prime residential owner-occupied mortgage loans originated in the UK by Santander UK plc under its master trust platform. This was the second issuance under the Holmes platform in the last 12 calendar months and the third UK prime RMBS in 2023. Holmes Residential Mortgage Backed Note Issuance Programme, is one of the prime residential mortgage-backed security funding platforms for Santander UK and one of the large and important UK master trust platforms.

    The Ashurst team was led by partner Thomas Picton, assisted by senior associate Theodoros Kotsiras and the team worked in conjunction with Valentina di Vito and Svjetlana Lugonjic from the Santander UK plc Treasury and Structured Finance Legal team. The team worked to ensure the transaction was delivered within a reduced execution window.

    Jamie Adams, who led the transaction for Santander UK treasury commented, "Holmes plays an important part of San UK's annual funding plan so we were happy with the outcome and the number of investors that participated in the transaction, which we haven’t seen in some time."

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