A&O Shearman represents NatWest Bank on inaugural GBP2 billion UK RMBS

This transaction represents NatWest Bank’s first stand-alone securitization of residential mortgage assets achieving accounting derecognition in doing so. The portfolio size and the first-of-its-kind nature for the bank underscore the strategic significance of the deal, as well as NatWest Bank’s confidence in A&O Shearman to deliver a smooth execution on a complex, high-profile mandate.

The capital structure includes a GBP1.78bn Class A1 Note, together with Class A2–G Notes, a Class R Note, and residual certificates.

Sally Onions, UK co-head of global financial markets at A&O Shearman, said: “This RMBS marks a significant step in NatWest Bank’s continued optimization of its funding and capital strategy. Achieving accounting derecognition on a stand-alone basis required thoughtful structuring, careful execution, and close collaboration with a sophisticated client team. We are proud to have supported NatWest Bank on a transaction that sets an important benchmark for the market.”

The A&O Shearman team was led by partner Sally Onions, alongside senior associate Neil Grant, and associate James Sweeney.

A&O Shearman regularly advises NatWest Bank and the NatWest Group on a wide variety of structured finance transactions across the UK and Europe, including both public and private transactions.