Slaughter and May advised Deutsche Bank AG on the sale of a £396mm portfolio of UK residential mortgage loans by DB UK Bank Limited, a UK-based subsidiary of Deutsche Bank AG, to Rochester Mortgages Limited (RML), a subsidiary of OneSavings Bank plc (OSB), and its subsequent securitisation by Rochester Financing No.2 plc (Rochester 2).

In connection with the securitisation, RML sold approximately £374mm of the mortgage loan portfolio to Rochester 2, the securitisation issuer, while OSB acquired and will keep approximately £22mm of the portfolio on balance sheet to comply with the EU risk retention requirements. OSB and Morgan Stanley acted as co-arrangers of the securitisation.

Slaughter and May also advised Deutsche Bank AG on the purchase of notes and residual certificates in the securitisation.

Contacts

Financing: Sanjev Warna-kula-suriya (partner), Oliver Wicker (associate), Richard Bulmore (associate), Chris Armstrong (associate); Tax: Mike Lane (partner), Laura Inglis (associate); Financial Regulation: Jan Putnis (partner), Helen McGrath (associate); Pensions: Sandeep Maudgil (partner), Katherine Flower (associate), Philip Linnard (associate)