The Leek Finance Securitisation Programme (The Leek Programme) has issued mortgage backed debt securities backed by UK originated mortgage assets for over a decade. There have been fifteen bond deals in the Leek programme to date, with the issuance of bonds to the value of £12 bn (sterling equivalent).
Features of the Leek programme include:
- Bonds issued in Sterling, US Dollars and Euros
- Platform, a Co-operative Bank wholly owned subsidiary in the intermediary UK mortgage market, and third party acquired mortgage assets provide the underlying security for all issuance to date
- Servicing performed by Western Mortgage Services (WMS), a wholly owned subsidiary of Capita plc
- Sequential redemption with no Interest Only Strips or MERCs
- Conservative structures (standalone, static, pass-through) with provisioning mechanism that captures excess spread prior to losses
All outstanding issues under the Leek programme have been rated by at least two of Fitch, Standard and Poors and Moody’s.
For details on Platform Home Loans, please see www.platform.co.uk.