U.K. lenders, Paragon Mortgages and Precise Mortgages priced over £500 million ($854 million) of senior securities backed by residential mortgages last week.
Paragon Mortgages priced £319 million of senior securities backed by portfolio of buy-to-let mortgages. Moody's Investors Service assigned the notes issued by Paragon Mortgages (No. 20) a preliminary rating of Aaa’. The notes structured with a weighted average life of 3.3-years priced at 68 basis points over three-month Libor, according to Standard & Poor’s.