A&O Shearman advises Admiral Money on its inaugural UK consumer ABS transaction

A&O Shearman acted as drafting counsel. The firm advised AFSL as seller, servicer and retention holder on the transaction.

Admiral Money is a specialist lender and part of the Admiral insurance group. Anchor 2026-1 is AFSL’s first public securitisation and a significant step in the development of its funding programme.

Funding of UK consumer loans is currently a very active area. In the UK, unsecured household debt continues to grow despite cost of living pressures. The asset class is also drawing strong interest from investors looking for higher-yielding investments.

Tim Monahan, partner at A&O Shearman, added: “We have worked with the team since their first private funding deal in 2018, and it has been a privilege to get to know the business and its people well and to support them at each step of their funding journey. Anchor 2026-1 is a landmark transaction for a leading institution in the specialist lending space. It comes at a time of strong investor appetite for UK consumer assets, and we look forward to continuing to support Admiral Money as its funding programme grows.”

The A&O Shearman team was led by partner Tim Monahan, with associates James Sweeney and Elizabeth Reeves. A&O Shearman’s London team also worked closely with colleagues in the U.S. on certain U.S. securities law matters.