Ashurst advises on £750 million residential mortgage-backed note issuance
24 January 2025
Global law firm Ashurst has advised Santander UK plc in relation to a £750 million residential mortgage-backed note issuance.
Holmes Master Issuer Plc issued its Series 2025-1 notes with a principal amount equal to £750,000,000 backed by a portfolio of first-lien prime residential owner-occupied mortgage loans originated by Santander UK Plc under its Holmes Master Trust platform.
This issuance was the first RMBS issuance of the calendar year, and the third issuance under the Holmes Master Trust platform in the last 12 calendar months from January 2024.
The Ashurst team was led by partner Thomas Picton, supported by senior associate Theodoros Kotsiras, associate Courtney Naughton and solicitor apprentice Charles Brock. Tax advice was led by partner Paul Miller, supported by associate Luis De Freitas.
Partner Thomas Picton commented, "We were pleased to work with the Santander team in the first public UK trade of the year. We think a number of factors point to strong issuance levels of UK RMBS in 2025, following on from a strong 2024, with UK RMBS remaining a key asset class in the European securitisation market"
The Ashurst team worked in conjunction with Jasmine Panesar, Valentina di Vito and Hollie Pearson, who led the transaction for the Santander UK Funding, Asset Rotation and Investor Relations team.
Valentina added, "Holmes continues to play a fundamental role in Santander UK’s funding plan. We are delighted to have started off the new year with yet another successful transaction."
