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Together Asset Backed Securitisation 2022-2ND1 PLC

Data and documents available for this issue

Issue and Tranche data 
Prospectus in PDF format 
Market Commentary 
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Market Commentary

03 June 2022

A stand-alone transaction, where the Issuer will make payments on the Notes from payments of principal and revenue received from a portfolio comprising second ranking mortgage loans and their related security originated by the Sellers and secured over residential properties located in England, Wales and Scotland.

As at the Portfolio Reference Date (28 February 2022) the Provisional Portfolio comprised 4,790 variable rate second-ranking mortgage loans with an aggregate Principal Balance of £366.3mln. The average current principal balance is £76,471 and the largest loan is for £2.207mln. Customer type: owner occupied – 73.8%, BTL 26.2%. Mortgage legal charge (by current balances): Mortgage type: interest only – 54.8%, repayment – 45.2%. Additionally, self-employed borrowers account for 73.1% of current balances and only 78.0% (by current balances) were subject to a full property valuation. The WA current LTV is 59.7% (original LTV 60.5%) and the WA seasoning is 33.81 months. Regional concentration: Greater London – 44.2%, outer South East – 10.1% and the South West – 5.3%.

UK & EU Risk Retention: The Sellers will, as originators for the purposes of (i) the UK Securitisation Regulation and (ii) the EU Securitisation Regulation as if it were applicable to it, retain on an ongoing basis a material net economic interest of not less than 5% in the securitisation. As at the Closing Date, such interest will be satisfied by each Seller holding the first loss tranche, in this case an interest in the Class Z Notes in proportion to the total securitised exposures for which each Seller is the originator.

US Risk Retention: The Sellers, as sponsors under the US Risk Retention Rules, do not intend to retain at least 5% of the credit risk of the securitised assets for purposes of compliance with the final rules promulgated under Section 15G of the Securities Exchange Act of 1934.

Compare/contrast: Together Asset Backed Securitisation 2021-1ST1 plc, Mortimer BTL 2022-1 plc, Lanark Master Issuer 2022-1

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