Two U.K. RMBS have been announced from Paragon Group of Companies and Barclays Bank.
The Paragon Group will be launching a new securitization of its residential loans dubbed Paragon Mortgages No. 16 PLC.
According to a statement released by the company, the final terms of the deal have yet to be determined and will depend on investor appetite.
At the moment, the offering is expected to be £150 million ($239.9 million) and pricing to come in around 275 basis points over the three-month Libor.
The issuer has mandated Lloyds Bank Corporate Markets, Macquarie Bank and Morgan Stanley as lead managers on the securitization.
This deal will support Paragon's new lending program.
Barclays Capital is also prepping a new U.K. RMBS deal from its Gracechurch master trust structure.
The deal, which will have a Moody's Investors Service-rated 'Aaa' tranche, has not been sized. It will be backed by a pool of prime U.K. residential mortgages originated by Barclays Bank.
This represents the fourth issue out of the Gracechurch master issuer structure, according to a Moody's report.
The Gracechurch trust was restructured about a year ago, with Barclays repaying Series 2009-1 notes that were retained by the originator, according to a Reuters report.
The bank also repurchased around £11.5 billion of trust collateral and added a new subordinated loan of £548 million, which will only be repaid after all other notes have been redeemed.
The subordinated loan is a limited recourse loan facility. And earlier this month, the redemption of the series 2006-1 Class A5, B3, B4, C3, C4, D2, D3 and D4 bonds was announced for the Nov. 21 payment date.