This is the second large securitisation that Jonathan Walsh at Norton Rose has completed for Bristol & West, after winning the client in the summer through a relationship with parent company Bank of Ireland.
Walsh led the team on a deal completed in June which saw the new client pull off a synthetic securitisation of a £300m mortgage portfolio. It is believed to be the first of its kind in the market which used synthetic techniques to securitise a new asset type, buy-to-let mortgages.
This second deal is the first securitisation of Bristol & West’s core residential mortgage book, and was the first-ever UK issue. Before becoming a subsidiary of Bank of Ireland in 1997, B&W had not done any residential mortgage securitisations as a building society. That meant the Norton Rose team had to sit down with the bank and work through a full review of all the residential mortgages, but despite that, the group still managed to complete the deal within a three month timescale.