Norton Rose Fulbright advises on RMBS notes issued by Finsbury Square 2016-2

Global Business October 14, 2016

Global law firm Norton Rose Fulbright has advised Kensington Mortgage Company Limited, as originator, and Acenden Limited, as servicer, in relation to residential mortgage-backed securities (RMBS) notes issued by Finsbury Square 2016-2 plc on 13 October, raising over £360m.

The deal was launched on 30 September and was strongly oversubscribed by investors with most tranches covered at least three times. The transaction structure provided for seven classes of sterling notes which are subject to Regulation S, to be listed on the Irish Stock Exchange. The A notes were assigned an Aaa(sf) rating by Moody’s and an AAAsf rating by Fitch. The E notes and the Z notes are retained by the originator to comply with European risk retention requirements.

Citigroup acted as arranger and the joint lead managers were Citigroup, Bank of America Merrill Lynch and Deutsche Bank.

David Shearer, partner, Norton Rose Fulbright commented:

“We are delighted to have assisted our clients Kensington Mortgages and Acenden on this transaction. The transaction was completed in what was, for a UK RMBS, a very short timeframe. Despite that, the transaction went very smoothly and was extremely well received in the market.”

Norton Rose Fulbright’s cross-practice transaction team was led by partner, David Shearer, assisted by senior associate, Mirella Hart and associate, Merel Klinkers. Partner Angela Savin, of counsel Judy Harrison and associate Harry Smith advised on tax aspects of the transaction and partner, Daniel Franks advised on swaps.

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