ON-based international law firm Simmons & Simmons has advised on a £250m mortgage-backed security transaction for the British buy-to-let mortgage provider Paragon, the firm said yesterday.
Led by asset-backed finance partner Simon Schiff, the firm advised joint lead managers Lloyds, Macquarie, Morgan Stanley and Natixis on the deal, which securitises UK buy-to-let mortgages. The transaction follows a previous securitisation for Paragon – one of the most prolific issuers in the RMBS market – which Simmons advised on earlier in the year.
The Simmons team consisted of associate Sarah Tosdevin, with tax advice coming from partner Mark Sheiham and managing associate Zoe Arnautov, and commercial law advice from managing associate Sophie Lessar. The firm also advised the security trustee, led by London banking partner John Davies.
Commenting on the deal, Simon Schiff said: “This is yet another public securitisation that we have acted on this year. The market conditions are still difficult, but we have been pleased with the number of instructions we have received.”
Based in Solihull, Paragon Mortgages is part of the Paragon Group, a FTSE 250 company that is one of the UK's largest providers of mortgages and personal loans.