International law firm Allen & Overy advised lead manager, bookrunner and
arranger Lehman Brothers and the trustee Capita IRG Trustees Limited on
Southern Pacific Mortgage Limited’s (SPML) second RMBS issue of the year.
The deal was a first for SPML in two ways – the first time that they had
securitised their flexible mortgage loan facilities, and the first time that
they had marketed a public deal securitising prime loans in their portfolio.
The bonds, totalling some £350,000,000 issued in five classes, were issued
by a special purpose vehicle, Southern Pacific Financing 04-A plc.
Co-managers for the securitisation were NIB Capital Bank N.V.
The Allen & Overy team was led by securitisation partner Christian Lambie,
assisted by Aiden Small, David O’Connor and Jessica Element. Simon Hill and
Malcolm Charles advised Capita.
Partner Christian Lambie commented:
“The deal was put together on an accelerated timetable to take advantage of
tight spreads and huge investor interest. It’s one of the swiftest RMBS
trades we’ve executed, which was satisfying, especially as the additional
structuring work to take account of the flexible loan products required some
Clifford Chance LLP advised SPML and Tods Murray WS advised as to Scots law.