EFG Private Bank plans to launch its first U.K. RMBS according to a Moody’s Investor Service presale report.

BNP Paribas and UBS are lead managers on the deal, called Chestnut Financing plc.

Chestnut Financing plc will issue one tranche of class A notes that Moody’s expects to rate ‘AAA’. The tranche has not been sized yet. The capital structure also includes a tranche of variable funding notes that will not be rated by Moody’s.

The class A notes are guaranteed by the issuer’s parent company, private Swiss Bank, EFG International.  

The pool is comprised of interest-only loans with an original duration of up to five years granted to prime, high net worth, individuals. The loans have a low weighted average LTV of 50.7%, according to the Moody’s report.

The loans are predominately secured on properties located in London and South East England.

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