A&O Shearman advises Santander UK on GBP1.02 billion UK RMBS portfolio transaction

This transaction marks another successful trade for Santander UK involving the sale of a significant portfolio of non-performing and re-performing loans including both buy-to-let and owner-occupied loans, reinforcing the bank’s continued balance sheet optimization.

Bank of America arranged the transaction and acts as risk retention holder. Bank of America and Banco Santander acted as joint lead managers.

The notes comprise a GBP1.02bn Class A Loan Note together with Class A–F Notes, a Class Z Note, a Class X Note, RC1/RC2 Certificates and S Certificates.

A&O Shearman partner Salim Nathoo said: “We are pleased to support Santander UK on this strategically important RMBS trade. The size and complexity of the portfolio underscore our client’s confidence in our market-leading structured finance capabilities and our ability to deliver smooth execution. This transaction not only demonstrates Santander UK’s commitment to optimizing its balance sheet but also highlights the strength of our collaborative approach and deep expertise in advising on high-value, complex structured finance deals. We are proud to have played a key role in facilitating a successful sale of assets for Santander UK, further strengthening their position in the UK financial market.”

The A&O Shearman team was led by partner Salim Nathoo alongside senior associate Graeme MacDonald. The deal team at Santander UK was led by Martin McKinney, head of Funding, Asset Rotation and Investor Relations, and Valentina di Vito, Legal Advisory and Structuring.