ABS – Multiple new deals announced this week introducing a variety of assets in the UK primary market (Debtwire)
- Taurus 2021-1 UK, Blackstone UK last mile logistics CMBS prices on Monday (22 February), with all tranches set to price at the tight end of guidance or the tighter tested spreads
- Together is marketing its first commercial mortgage securitisation, Together Asset Backed Securitisation 2021-CRE1
- Twin Bridges 2021-1, a GBP 400m UK buy-to-let RMBS, is being marketed by Parataus AMC with pricing scheduled for next week
- Canada Square Funding 2021-1, Citi’s UK buy-to-let RMBS platform, will market a full capital structure securitisation. Assets are backed by collateral from Hey Habito, Fleet Mortgages, Topaz Finance and Landbay
ABS – Further stake in Sainsbury’s portfolios Highbury and Dragon acquired by REIT and BA Pension Trustees (Debtwire)
- Supermarket REIT and British Airways Pension Trustees acquired from Aviva Investors a further 25.5% stake in the Sainsbury’s supermarkets backing the Highbury Finance and Dragon Finance securitisations, for a purchase price of GBP 115m
- The two firms had formed a joint venture in May 2020 and acquired an initial 25.5% stake from British Land for GBP 102m
- Sainsbury’s holds the remaining 49% beneficial interest
ABS – Telereal Securitisation refinancing and updated valuation (Debtwire)
- Telereal Securitisation, the securitisation of British Telecom exchanges owned by Telereal, announced a new issue of senior and mezzanine notes to redeem the existing senior, mezzanine, and junior notes
- The valuation of the collateral properties has been updated and is c. 16% higher than in 2016
Credit – UK Export Finance launches new guarantee for importers of UK goods of up to £30m (TradeFinanceGlobal)
- The programme will provide guarantees of up to 85% of the contract value with a UK exporter
- The aim is to boost Britain’s exports and support SMEs during the post-COVID recovery period.
- The credit agency has significant liquidity, with a capacity of £50bn to support exporters