Morglas ABS 2026-1 PLC: 20 July 2026

A stand-alone transaction, where the Issuer will make payments on the Notes and Certificates from a portfolio of unsecured consumer loans advanced by the Seller to individuals resident at the time of the initial advance in the United Kingdom.

The Portfolio will consist of unsecured consumer loan agreements regulated under the Consumer Credit Act 1974 to individuals resident in England, Wales or Scotland at the time of the initial advance. Such loans were entered into by Admiral as the original lender in the ordinary course of its business.
As at the portfolio reference date (31 May 2026) the pool consisted of 24,196 receivables, where the Average Outstanding Receivables Balance is £12,761 and WA seasoning is 3.74 months.

UK & EU Risk Retention: Barclays Bank PLC (the Retention Holder) as “originator” will retain, on an ongoing basis, a material net economic interest of not less than 5% in the securitisation at the Closing Date. Such interest will take the form of the Retention Holder holding not less than 5% of the nominal value of each Class of Notes.

US Risk Retention: The Seller intends to rely on an exemption provided for in Section 20 of the US Risk Retention Rules regarding non-US transactions that meet certain requirements. The transaction is not structured to comply with the US Risk Retention Rules, and no party to the transaction intends to retain at least 5% of the credit risk of the securitised assets.

STS: A notification will be submitted by Barclays Bank PLC as originator, promptly on or after the Closing Date (and in any event no later than 15 calendar days of the Closing Date) to the FCA in accordance with SECN 2.5, confirming that the requirements of SECN 2.2.2R to SECN 2.2.29R (inclusive) for designation as a UK simple, transparent and standardised.

Compare/contrast: Morglas ABS 2025-1 PLC, Montgomery Square Consumer Funding 1 plc, PCL Funding XII Plc (Series 2026-1)