24 August – LAWFUEL – The Law News Network – Allen & Overy has advised Mortgages plc on its seventh residential mortgage-backed securitisation, Mortgages No 7 plc.
The £757.5 million bond issue was backed by a portfolio of non-conforming residential mortgage loans originated by Mortgages 1 Limited, and issued via a special purpose vehicle, Mortgages No 7 plc. Merrill Lynch International acted as arranger, lead manager and bookrunner; and Fortis Bank, Bancaja, Barclays Capital, CECA and Citigroup acted as co-lead managers. The Notes were admitted for trading on the Professional Securities Market.
The Allen & Overy team was led by securitisation partner Salim Nathoo, assisted by associate, Amar Meher. Alan Ewins, Michael McClenan and Carol Kingsbury provided regulatory advice, whilst partner Richard Tredgett advised on the derivatives aspects of the transaction, with assistance from George Palmer. Deborah Moors and Vimal Tilakapala provided real estate and taxation advice respectively.
Allen & Overy acted for Mortgages 1 Limited as originator, Merrill Lynch International Bank Limited as seller, Mortgages plc as cash/bond administrator, mortgage administrator and special servicer and Mortgages No 7 plc as issuer.