25 April 2012
London, UK, 20 April 2012 – Baker & McKenzie has advised Investec Bank Plc as arranger of an innovative UK residential mortgage-backed securities (RMBS) deal. The securities, which are listed on the Irish Stock Exchange, were issued by Gemgarto 2012-1 Plc and are worth approximately GBP240 million. It is the first “prime” mortgage backed securitisation that Investec has undertaken on its new Gemgarto platform and represents one of the biggest RMBS deals of its type in the UK market in recent years.
“We were delighted to work with Investec on this prestigious, high profile transaction. This is the first multi-class mortgage backed securities issue that Investec has undertaken under the new Gemgarto platform and is particularly significant given the continued uncertainties in the market. We are hopeful that this will be the first of many similar transactions,” said Baker & McKenzie Structured Capital Markets Partner and Head of Global Securitization Jonathan Walsh who led on the deal.
Gemgarto 2012-1 Plc is a special purpose vehicle sponsored by Investec and its subsidiary Kensington Mortgages. It is the first securities deal that Baker & McKenzie has undertaken for Investec.
The Baker & McKenzie team was led by Jonathan Walsh and included Associates Chris English, Sarah Porter and Jeremy Levy. Tax Partner James Smith also provided support.
The lead managers were Investec Bank plc and Barclays Bank plc and Wells Fargo was Trustee.