Issuer |
Paragon Mortgages (No.27) PLC, 51 Homer Road, Solihull, West Midlands, B91 3QJ |
Closing Date |
30 April 2020 |
Originators |
Paragon Mortgages (2010) Limited, 51 Homer Road, Solihull, West Midlands, B91 3QJ (Not rated)
Paragon Bank PLC, 51 Homer Road, Solihull, West Midlands, B91 3QJ (Not rated) |
Notes Issued |
Class A Notes |
Class B Notes |
Class C Notes |
Class D Notes |
Class Z Notes |
Class S Notes |
Class SVFN Notes |
RC1a Residual Certificates |
RC1b Residual Certificates |
RC2a Residual Certificates |
RC2b Residual Certificates |
Original Rating (Fitch/Moody’s) |
AAA/Aaa |
AA/Aa1 |
A/Aa3 |
BBB/Baa1 |
Unrated |
Unrated |
Unrated |
Unrated |
Unrated |
Unrated |
Unrated |
Current Rating (Fitch/Moody’s) |
AAA/Aaa |
AAA/Aaa |
A+/Aa1 |
BBB+/Aa3 |
Unrated |
Unrated |
Unrated |
Unrated |
Unrated |
Unrated |
Unrated |
Original Notes |
£648,307,000 |
£41,826,000 |
£22,814,000 |
£22,814,000 |
£24,717,000 |
£11,637,000 |
£4,175,242 |
N/A |
N/A |
N/A |
N/A |
Note Denominations |
£100,000 |
£100,000 |
£100,000 |
£100,000 |
£100,000 |
£100,000 |
£100,000 |
N/A |
N/A |
N/A |
N/A |
Current Margins |
110bp |
150bp |
180bp |
210bp |
310bp |
400bp |
400bp |
N/A |
N/A |
N/A |
N/A |
Step Up / Call Option Dates |
October 2025 |
October 2025 |
October 2025 |
October 2025 |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
Step Up Margins |
165bp |
225bp |
270bp |
310bp |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
Principal Determination Dates |
Last business day of June, September, December, March |
Quarterly Interest Payment Dates |
15 July, 15 October, 15 January, 15 April |
Arrangers |
Lloyds Bank Corporate Markets Plc, 25 Gresham Street, London, EC2V 7HN Ratings: Fitch (A+) / Moody’s (A1) / S&P (A)
BofA Securities, 2 King Edward Street, London EC1A 1HQ Ratings: Fitch (AA) / Moody’s (-) / S&P (A+) |
Administrators |
Paragon Mortgages (2010) Limited, 51 Homer Road, Solihull, West Midlands, B91 3QJ (Not Rated
Paragon Bank PLC, 51 Homer Road, Solihull, West Midlands, B91 3QJ (Not Rated) |
Trustee |
Citicorp Trustee Company Limited, Citigroup Centre, Canada Square, Canary Wharf, London, E14 5LB |
Rating Agencies |
Fitch Ratings Limited, 30 North Colonnade, London E14 5GN
Moody’s Investors Service Limited, One Canada Square, Canary Wharf, London, E14 5FA |
Principal Paying / Reference Agent |
Citibank, N.A., London Branch, Citigroup Centre, 21st Floor, Canada Square, Canary Wharf, London, E14 5LB Ratings: Fitch (A+) / Moody’s (Aa3) / S&P (A+) |
Legal Advisors to the Issuer/Administrator |
Clifford Chance LLP, 10 Upper Bank Street, Canary Wharf, London, E14 5JJ |
Legal Advisors to the Arrangers |
Allen & Overy LLP, 1 Bishops Square, London, E1 6AD |
Legal Advisors to the Trustee |
Simmons & Simmons LLP, City Point, One Ropemaker Street, London, EC2Y 9SS |
Auditors to the Issuer |
KPMG LLP, 15 Canada Square, London E14 5GL |
Underlying Assets |
Investment Home Loans |
Residual Certificates Holders |
Paragon Mortgages (2010) Limited, 51 Homer Road, Solihull, West Midlands, B91 3QJ (Not Rated)
Paragon Bank PLC, 51 Homer Road, Solihull, West Midlands, B91 3QJ (Not Rated) |
Retention Undertaking |
Paragon Bank PLC, 51 Homer Road, Solihull, West Midlands, B91 3QJ (Not Rated) as an originator will retain a material net economic interest of at least 5 per cent. in the securitisation as required by Article 6 of Regulation (EU) 2017/2042 (the “Securitisation Regulation”) which, does not take into account any corresponding national measures. |
Substitute Administrator |
Homeloan Management Limited, The Pavilions, Bridgwater Road, Bristol, BS13 8AE (Not rated) |
Substitute Administrator Facilitator |
Maples Fiduciary Services (UK) Limited, 11th Floor, Aldersgate Street, London, EC1A 4HD (Not Rated) |
Basis Hedge Providers |
Lloyds Bank Corporate Markets PLC, 25 Gresham Street, London EC2V 7AE Ratings: Fitch (A+) / Moody’s (A1) / S&P (A)
Banco Santander S.A., London Branch a branch registered in England and Wales (registered no. BR001085), whose registered office is at 2 Triton Square, Regents Place, London NW1 3AN, of Banco Santander S.A., a Spanish "Sociedad Anonima" (public limited company) incorporated in Spain (tax number A-39000013), whose principal place of business is at S/N, Avenida De Cantabria, Boadilla Del Monte, Madrid 28600, Spain Ratings: Fitch (A-) / Moody's (A2) / S&P (A+)
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