| Issuer |
Paragon Mortgages (No.29) PLC, 51 Homer Road, Solihull, West Midlands, B91 3QJ |
| Closing Date |
1 November 2023 |
| 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-/Aa2 |
B+/A2 |
Unrated |
Unrated |
Unrated |
Unrated |
Unrated |
Unrated |
Unrated |
| Current Rating (Fitch/Moody’s) |
AAA/Aaa |
AA/Aa1 |
A-/Aa2 |
B+/A2 |
Unrated |
Unrated |
Unrated |
Unrated |
Unrated |
Unrated |
Unrated |
| Original Notes |
£747,000,000 |
£33,750,000 |
£29,250,000 |
£45,000,000 |
£45,000,000 |
£13,875,000 |
£85,000,000 |
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 |
120bp |
190bp |
275bp |
380bp |
400bp |
400bp |
400bp |
N/A |
N/A |
N/A |
N/A |
| Step Up / Call Option Dates |
December 2028 |
December 2028 |
December 2028 |
December 2028 |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
| Step Up Margins |
180bp |
285bp |
375bp |
480bp |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
| Further Sale Period |
01 November 2023 – 14 December 2028 |
| Principal Determination Dates |
Last business day of November, February, May, August |
| Quarterly Interest Payment Dates |
15 December, 15 March, 15 June, 15 September |
| Arrangers |
Banco Santander, S.A., 2 Triton Square, Regent’s Place, London, NW1 3AN
Ratings: Fitch (A-) / Moody’s (A2) / 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 |
Ashurst LLP, London Fruit & Wool Exchange, 1 Duval Square, London, E1 6PW |
| Legal Advisors to the Arrangers |
Slaughter and May, One Bunhill Row, London, EC1Y 8YY |
| 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 Facilitator |
Intertrust Management Limited, 1 Bartholomew Lane, London EC2N 2AX (Not Rated) |
| Basis Hedge Providers |
Banco Santander S.A., Ciudad Grupo Santander, Avenida de Cantabria s/n, Edificio Encinar, 28660 Boadilla del Monte, Spain.
Ratings: Fitch (A-) / Moody’s (A2) / S&P (A+)
NatWest Markets PLC, 36 St Andrew Square, Edinburgh, EH2 2YB
Ratings: Fitch (A+) / Moody’s (-) / S&P (A)
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