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Paragon launches £200m securitisation

Paragon has launched a £200m securitisation which will be used to fund new lending.

The transaction, called Paragon Mortgages (No. 17) Plc, is made up of £175m of AAA rated notes at a margin of 135 basis points over three-month Libor, £10.5m of AA rated notes at 190bps over three-month Libor and £10m of A rated notes at a margin of 290 basis points over three-month Libor.

The joint lead managers are Lloyds Bank, Macquarie Bank and Morgan Stanley.

In November 2011, the buy-to-let lender launched a £150m securitisation, its first since 2007.

Last month, the lender secured a second £200, warehouse facility with the wholesale division of Lloyds Bank, to be used alongside its £200m facility from Macquarie Bank.

Earlier this month, Investec, the parent company of Kensington Mortgages, launched a £200m securitisation backed by a pool of non-conforming residential mortgages.



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