Business
Securitisation of Buy-to-Let mortgages and di...
Securitisation of Buy-to-Let mortgages and di....
About this update from Osb Group Plc
[{"type":"text","content":"\n\n \n \n\n Securitisation of Buy-to-Let mortgages and disposal of junior economic interest in PMF 2024-2 plc\n\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION LEI: 213800ZBKL9BHSL2K459 OSB GROUP PLC Securitisation of Buy-to-Let mortgages and disposal of junior economic interest in PMF 2024-2 plc OSB GROUP PLC (“Group”) today announces that its subsidiary Charter Court Financial Services Limited has priced a securitisation, PMF 2024-2 plc, of c. £1.25bn of Buy-to-Let mortgages, which is expected to complete on or around 12 December 2024. The Group has also agreed to sell its junior economic interest in the transaction. The transaction, once complete, is expected to result in the de-recognition of the underlying mortgages from the Group’s balance sheet and a corresponding reduction in gross loans. On this basis, the transaction is expected to be broadly neutral for the Group’s 2024 financial results and would, on a pro-forma basis, have increased the Group’s CET1 ratio by 0.6 ppt at 30 June 2024. BofA Securities have been mandated as sole arranger and lead manager for the transaction. Andy Golding, CEO of OSB GROUP PLC, said: “I am pleased that OSB has undertaken its 26th securitisation of mortgage assets and the third of 2024, demonstrating our continued ability to originate quality loan portfolios and expertise in executing structured balance sheet optimisation transactions. This securitisation and disposal of the junior economic interest in the transaction is expected to reduce the potential impact from changes in customer behaviour in the reversion period. Funds will be used to support the repayment of drawings under the Bank of England’s Term Funding Scheme for SMEs (TFSME).” Enquiries: OSB GROUP PLC Alastair Pate, Investor Relations t: 01634 838 973 Brunswick Group Robin Wrench / Simone Selzer t: 020 7404 5959 About OSB GROUP PLCOneSavings Bank plc (OSB) began trading as a bank on 1 February 2011 and was admitted to the main market of the London Stock Exchange in June 2014 (OSB.L). OSB joined the FTSE 250 index in June 2015. On 4 October 2019, OSB acquired Charter Court Financial Services Group plc (CCFS) and its subsidiary businesses. On 30 November 2020, OSB GROUP PLC became the li...