The largest ever mortgage-backed securitization worth up to £6.2 billion ($11.2 billion) has been performed by Halifax, the UK mortgage provider. Oversubscribed despite the absence of traditional IR presentations to investors, the issuance was delivered through sterling, euro and the US dollar and constituted 19 different note classes.
Halifax completed its first asset-backed securitization in June 2002, its second in March 2003, and its third in November 2003. Allen & Overy (A&O), the international law firm, has advised on all four deals to date.
Angela Clist, the securitization partner leading the deal for A&O, commented: "We are very pleased to continue our work for Halifax on one of the UK's premier mortgage securitization programmes, and delighted to see our client's marketing success."
The deal was arranged by Citigroup, with Citigroup, Morgan Stanley and UBS Investment Bank acting as joint lead managers. The co-managers were ABN Amro, Deutsche Bank and Lehman Brothers.