Exmoor Funding launches UK prime RMBS issue backed by LiveMore assets
Exmoor Funding 2026-1 PLC is bringing a new UK prime residential mortgage-backed securities transaction to market with assets sold by LiveMore Investments Ltd. The deal includes three rated note classes, with class A sized at £191.9 million and legal final maturity set for April 2096.
Highlights
- Exmoor Funding 2026-1 PLC launched a UK prime RMBS backed by LiveMore assets, with Citibank and NatWest as key counterparties.
- Class A notes, rated AAA (sf), total £191.9 million with 9.50% credit enhancement and a coupon of SONIA plus 95 basis points, stepping up in January 2031.
- Class B-Dfrd and Class C-Dfrd notes are rated AA (sf) and A (sf), totaling £9.1 million and £5.1 million respectively, both with step-up coupons in January 2031 and final maturity in April 2096.
Transaction structure and counterparties
As reported by S&P Global Ratings, Exmoor Funding 2026-1 PLC is the issuer of the new transaction, which is backed by prime RMBS collateral domiciled in the UK. LiveMore Investments Ltd. is the seller, while LiveMore Capital Ltd. serves as servicer on the deal.The transaction also names Citibank Europe PLC, UK branch, Citibank, N.A., London branch, National Westminster Bank PLC, and CSC Capital Markets UK Ltd. as counterparties. The structure outlines three rated classes of notes across senior and deferred tranches.
Note classes and credit enhancement
Class A is rated AAA (sf) and totals £191.9 million, with 9.50% credit enhancement, a coupon of daily compounded SONIA plus 95 basis points, and a step-up to daily compounded SONIA plus 1.425% in January 2031. Its legal final maturity is April 2096.Class B-Dfrd is rated AA (sf) and totals £9.1 million, with 5.20% credit enhancement, a coupon of daily compounded SONIA plus 125 basis points, and a step-up to daily compounded SONIA plus 1.875% in January 2031. Class C-Dfrd is rated A (sf) and totals £5.1 million, with 2.80% credit enhancement, a coupon of daily compounded SONIA plus 175 basis points, and a step-up to daily compounded SONIA plus 2.625% in January 2031, with both classes also maturing legally in April 2096.
Sovereign borrowing risks in a higher-rate environment have been rising as geopolitical tensions and sustained fiscal spending keep funding costs elevated, our publication previously reported. We noted that persistent shocks—from energy and food price pressures to heavier refinancing needs—can erode fiscal headroom, with emerging and frontier markets especially exposed due to higher interest-service burdens and narrower revenue bases.
Latest Mortgage News
-
Afghanistan
-
Albania
-
Algeria
-
Angola
-
Argentina
-
Armenia
-
Australia
-
Austria
-
Azerbaijan
-
Bahamas
-
Bahrain
-
Bangladesh
-
Belarus
-
Belgium
-
Bolivia
-
Botswana
-
Brazil
-
Brunei
-
Bulgaria
-
Cambodia
-
Cameroon
-
Canada
-
Chile
-
China
-
Colombia
-
Congo
-
Costa Rica
-
Cote d'Ivoire
-
Croatia
-
Cuba
-
Cyprus
-
Czechia
-
DR Congo
-
Denmark
-
Dominican Republic
-
Ecuador
-
Egypt
-
El Salvador
-
Estonia
-
Eswatini
-
Ethiopia
-
Finland
-
France
-
Georgia
-
Germany
-
Ghana
-
Greece
-
Haiti
-
Hong Kong
-
Hungary
-
India
-
Indonesia
-
Iran, Islamic republic
-
Iraq
-
Ireland
-
Israel
-
Italy
-
Jamaica
-
Japan
-
Jordan
-
Kazakhstan
-
Kenya
-
Korea
-
Kuwait
-
Kyrgyzstan
-
Laos
-
Latvia
-
Lebanon
-
Lesotho
-
Libya
-
Lithuania
-
Luxembourg
-
Madagascar
-
Malaysia
-
Malta
-
Mauritius
-
Mexico
-
Moldova
-
Mongolia
-
Montenegro
-
Morocco
-
Mozambique
-
Myanmar
-
Namibia
-
Nepal
-
Netherlands
-
New Zealand
-
Nigeria
-
North Macedonia
-
Norway
-
Oman
-
Pakistan
-
Palestine
-
Panama
-
Papua New Guinea
-
Paraguay
-
Peru
-
Philippines
-
Poland
-
Portugal
-
Puerto Rico
-
Qatar
-
Reunion
-
Romania
-
Rwanda
-
Saudi Arabia
-
Serbia
-
Singapore
-
Slovakia
-
Slovenia
-
Somalia
-
South Africa
-
Spain
-
Sri Lanka
-
Sweden
-
Switzerland
-
Syria
-
Taiwan
-
Tajikistan
-
Tanzania
-
Thailand
-
Trinidad and Tobago
-
Tunisia
-
Turkey
-
UAE
-
Uganda
-
Ukraine
-
United Kingdom
-
United States
-
Uruguay
-
Uzbekistan
-
Venezuela
-
Vietnam
-
Yemen
-
Zambia
-
Zimbabwe
- Forex
- Crypto
