Linklaters has advised Citibank, N.A., London Branch as sponsor and risk retainer on the acquisition and securitisation of a £1bn+ portfolio of Equity Release Mortgages (ERM) from Prudential Lifetime Mortgages Limited, a group company of leading savings and investment firm M&G Group.
The landmark transaction is the first ERM securitisation where the junior tranche was marketed publicly rather than being privately placed, and it is the largest-ever ERM securitisation in the UK.
Senior tranches were structured as matching adjustment eligible and were retained in their entirety by Prudential Assurance Corporation, another M&G Group entity.
Structured Finance Partner Adam Fogarty comments:
“We are delighted, once again, to support the Citi team on this first of its kind transaction, in an asset class that is seeing ever-increasing innovation and issuance volumes in the UK and European markets. This transaction again demonstrates our capabilities to structure and execute the most-complex and market-first securitisations.”
The global tier-1 Linklaters teams regularly advise on innovative and landmark structured finance transactions, providing a one stop shop for loans, securitisation, derivatives, repurchase transactions and more, combining vast expertise across all financing products with a deep knowledge of the underlying regulatory framework.
The international Linklaters team was led by Adam Fogarty and Counsel John McCallion.
The team also included New York Partner Derek Poon and Counsel Catherine Russ.
Please find more information on the specifics of this transaction here in the attached article: How Citi remade equity release RMBS with record-breaking Serval.
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