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Classes of debt in MAB securitisation

Here are details of the fixed and floating rate notes within the securitisation.

Class A1N

Class A1N
Amount at 25 September 2021:£98.9 million
Legal Maturity Date:December 2030
Coupon:£ Libor + 0.45%
Ratings:BBB+ / A+ / Baa1

Class A2

Class A2
Amount at 25 September 2021:£179.9 million
Legal Maturity Date:December 2030
Coupon:5.574%
Ratings:BBB+ / A+ / Baa1

Class A3N

Class A3N
Amount at 25 September 2021:$207.0 million*
Legal Maturity Date:December 2030
Coupon:$ Libor + 0.45%
Ratings:BBB+ / A+ / Baa1

*Equivalent to £123.6 million at a contracted rate of $1.675:£1

Class A4

Class A4
Amount at 25 September 2021:£116.1 million
Legal Maturity Date:December 2030
Coupon:£ Libor + 0.58%
Ratings:BBB+ / A+ / Baa1

Class AB

Class AB
Amount at 25 September 2021:£304.8 million
Legal Maturity Date:December 2033
Coupon:£ Libor + 0.60%
Ratings:BBB / A / Baa3

Class B1

Class B1
Amount at 25 September 2021:£46.4 million
Legal Maturity Date:December 2025
Coupon:5.965%
Ratings:BB / BB+

Class B2

Class B2
Amount at 25 September 2021:£270.0 million
Legal Maturity Date:December 2030
Coupon:6.013%
Ratings:BB / BB+

Class C1

Class C1
Amount at 25 September 2021:£200 million
Legal Maturity Date:September 2032
Coupon:6.469%
Ratings:B+ / BB

Class C2

Class C2
Amount at 25 September 2021:£50 million
Legal Maturity Date:September 2034
Coupon:£ Libor + 1.88%
Ratings:B+ / BB

Class D1

Class D1
Amount at 25 September 2021:£110 million
Legal Maturity Date:June 2036
Coupon:£ Libor + 2.13%
Ratings:B+ / B+
  • Cash interest cost of securitised debt is 6.3%
  • Floating rate notes are fully hedged over their full life
  • Debt fully amortises by June 2036
  • Interest is payable quarterly in arrears on 15 March, 15 June, 15 September, 15 December
  • Class A and Class AB note ratings are the higher of Ambac ratings or underlying ratings
  • Ratings are as given by Standard & Poors, Fitch and Moodys (on the Class A and AB notes)

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