Paragon Group, a U.K. provider of mortgages, personal finance and car loans, recently launched a GBP185 million ($293 million) deal backed by buy-to-let mortgages. The transaction, called Paragon Mortgages (No 2) even though it was the lender's third MBS, was split into two tranches: a GBP165.5 million senior tranche rated Aaa/AAA by Moody's Investors Service and Standard & Poor's and an A2/A tranche worth GBP15.5 million.

ING Barings acted as lead manager for the deal with J.P. Morgan and Royal Bank of Scotland as co-managers.

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