Clifford Chance

Clifford Chance advised Nottingham Building Society on its first Residential Mortgage Backed Securitisation

Global law firm Clifford Chance advised Nottingham Building Society on its first Residential Mortgage Backed Securitisation ("RMBS"). The transaction was arranged by Alantra Corporate Portfolio Advisors International Limited, with Lloyds Bank Corporate Markets acting as Sole Lead Manager.

This debut issuance into the public markets marks a significant milestone for the Society, featuring a portfolio of prime owner-occupied mortgages secured on residential properties in England and Wales.

Clifford Chance is proud to have assisted and advised on this landmark building society transaction for the Society in setting up a strong and forward-looking platform. The £350,000,000 Class A Notes issued were rated AAA by both Fitch and Moody's, and the transaction priced at +55bps over SONIA - reflecting a positive market outlook and the continued strength of building society issuances in the market.

The Clifford Chance team was comprised of experts across practices in London, led by Partners Simi Arora Lalani and Kevin Ingram supported by Associate Catherine Donald and Senior Paralegal Naim Guner advising on RMBS aspects of the transaction, Partner Chris Davies and Director Cameron Dwyer advising on tax, Partner Simon Crown and Senior Associate Charles Morris on advising on regulatory issues and Partner Tim Cleary and Associates Samuel Steinart and Daniel Lancaster advising on swaps.