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Atom bank launches RMBS programme

Tom Belger | 12:00 Thursday 25th October 2018

Atom bank has completed pricing on its first residential mortgage-backed securitisation (RMBS).

Elvet Mortgages 2018-1 will see £400m of bonds publicly placed and used to support the mobile-only bank’s loan book growth.

Elvet Mortgages 2018-1 PLC holds prime mortgage loans originated by Atom bank and the bank anticipates being a regular RMBS issuer.

This, alongside its expanding suite of retail deposit products, will provide funding for long-term growth.

David McCarthy, chief financial officer at Atom bank (pictured above), said it was delighted to launch its RMBS programme.

“Securitisation is one of the ways we are delivering efficient funding for our business, contributing to our overall model of keeping costs low and passing back that value to our customers through great mortgage deals. 

“We’re pleased with the level of demand for the notes and investor feedback on our lending platform.  

“In line with our goals to grow our bank and giving customers a fair deal, we anticipate being regular issuers of prime RMBS.”

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