Permanent TSB’s Capital Home Loans plans to  securitize a £657 million portfolio of U.K. buy-to-let mortgages, according to Moody’s Investor Service.

Citibank was hired to manage the deal, called Auburn Securities 8. This is the issuer first securitization since 2008, according to Moody’s.

Moody’s plans to rate the as-yet unsized series A notes ‘Aaa’. The trust will also issue series B notes that will not be rated. The notes are structured with a legal final maturity of December 2044.

The portfolio includes well-seasoned loans with an average seasoning of 8.2 years. The average original and current LTV are around 81% and loans above £750,000, £1 million and £2 million, the LTV is restricted to 90%, 85% and 80%, respectively. Most of the loans (95.8% of the pool) pay only interest.  

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