Haydock Finance, a UK asset finance provider, has announced its first public asset-backed securitisation facility.

The facility will provide £350m of extra capacity and support the lender’s strategic focus on organic growth, the company said in a press release.

The deal, the first public securitisation of asset finance receivables in the UK since 2019, was structured and arranged jointly by BNP Paribas and Citi, Haydock said.

BNP, Citi and Lloyds acted as joint lead managers to market the deal to investors.

John Jenkins, CEO, said: “The closing of our first public securitisation facility is a testament to Haydock’s continued strong performance in the asset finance market.

“We have worked with our advisers over nearly 12 months to structure a deal, coordinate the rating of our portfolio and then position with investors.

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“It is the first of what we intend to be a regular issuance programme to support the ongoing growth of the business and ensure we can continue to deliver for our brokers and borrowers.”

Hermitage 2023 Plc is quoted on the Irish stock exchange and is the bond issuer of notes backed by receivables selected from a provisional portfolio of equipment hire purchase and finance lease receivables granted by Haydock Finance to borrowers in England, Wales, and Scotland.

According to the Association for Financial Markets in Europe, as of the end of Q3 2021, the securitisation of UK-originated assets amounted to €8bn (£6.89bn).

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