Simmons & Simmons has advised on a £250million UK residential mortgage backed security deal.

Led by asset-backed finance partner, Simon Schiff, the firm advised the joint lead managers (Lloyds, Macquarie, Morgan Stanley and Natixis) on the £250 million Paragon Mortgages (No.21) PLC securitisation of UK buy-to-let mortgages. This followed our instruction on the Paragon (No.20) PLC securitisation that closed earlier in the year. Paragon are one of the most regular issuers in the RMBS market.

The Simmons team comprised Sarah Tosdevin (associate) with tax advice provided by Mark Sheiham (partner) and Zoë Arnautov (Managing Associate) and commercial law advice by Sophie Lessar (Managing Associate). The firm, led by London banking partner, John Davies, also advised the security trustee.

Commenting on the transaction, Simon Schiff said “This is yet another public securitisation that we have acted on this year. The market conditions are still difficult but we have been pleased with the number of instructions we have received.”