Resurgent buy-to-let mortgage provider The Paragon Group of Companies has announced details of the latest securitisation of part of its mortgage book.
Rejoicing in the name Paragon Mortgages (No.17), or PM17 for short, the issue amount is £200m, comprising: £175m of AAA rated notes at a margin of 1.35 percentage points (or 135 basis points) above the three-month London Interbank Offered rate (LIBOR); £10.5m of AA rated notes at 190 basis points (bps) over three-month LIBOR; £10.0m of A rated notes at a margin of 290 bps over three-month LIBOR; £4.5m of subordinated notes retained by Paragon.
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