Alantra acts as the sole arranger for Lowell’s first rated ABS

May 2022

Securitisation – Sole arranger and financial advisor

Value £315.4 million

Alantra, the global investment banking and asset management specialist, is pleased to announce that it has acted as the sole-arranger for Lowell´s first rated ABS, in the first publicly rated unsecured RPL securitisation in Europe.

The underlying portfolio comprises over 356,000 UK re-performing receivables, totalling £315.4m in gross book value (“GBV”) and £180m in expected remaining collections (“ERC”), which have been acquired by Lowell Financial Limited (a leading European debt purchaser, headquartered in the UK) from UK lenders and credit providers over a 10-year period. The accounts in the portfolio were paying over a 6-month period prior to cut-off date with the vast majority being on payment plans.

The structure includes two classes of notes: Senior notes of £100.6m and Junior notes of c. £79.9m. Senior notes of the transaction have been rated A by DBRS and Scope. The Sponsor retains 100% of Junior notes on day one and is planning to sell 51% in the secondary market at a later stage.