The transaction is backed by £280 million of new Kensington originations, with a seasoning of 9 months and weighted average LTV of 74%.
The senior tranche has been priced at 3-month LIBOR +145bps and been given the Prime Collateralised Securities label.
This is the third securitisation from Kensington in 2015, with the transactions totalling nearly £1.29 billion. In July the lender securitised £508 million of new assets through Gemgarto 2015-1 and back in March it completed a £497 million securitisation of more seasoned assets.
Alex Maddox, Business Origination and Development Director at Kensington, said:
“This is another strong performance from a Kensington securitisation. We have achieved pricing at the tighter end of the guidance and better than recent competitor issuances, which confirms investor confidence in the quality of the assets we are generating. We have raised well over a billion pounds of funding since the change of ownership early this year and this, combined with the capital committed by our owners, will provide a strong foundation for our growth plans."
