TIDMOSB
Closing of Canterbury Finance No.4 plc Transaction
LEI: 213800ZBKL9BHSL2K459
OSB GROUP PLC ("OSB" or the "Group")
Closing of Canterbury Finance No.4 plc (the "Transaction")
OSB GROUP PLC ("OSB") today announces that it has closed the
Canterbury Finance No.4 securitisation. The fully retained
transaction securitises GBP1.7bn of prime Buy-to-Let mortgage
assets originated by OneSavings Bank, and will generate GBP1.4bn of
AAA rated senior bonds for the Group, for utilisation as collateral
for Bank of England repo funding facilities and the Term Funding
Scheme with additional incentives for SMEs (TFSME) scheme, as well
as to act as collateral for commercial repo transactions with
investment bank counterparties.
Commenting on the Transaction, Andy Golding, CEO of OSB Group,
said:
"This transaction, our first structured finance trade of the
year, significantly increases the contingent wholesale funding
options available to us, as well as giving us the opportunity to be
more efficient in our drawings from the Bank of England under the
TFS and TFSME schemes. The transaction provides further evidence of
our sophisticated approach to liability management. I would like to
thank our transaction advisors and counterparties for supporting us
on this transaction."
Enquiries:
OneSavings Bank plc
Alastair Pate t: 01634 838 973
Brunswick Group
Robin Wrench/Simone Selzer t: 020 7404 5959
About OSB GROUP PLC
OSB began trading as a bank on 1 February 2011 and was admitted
to the main market of the London Stock Exchange in June 2014
(OSB.L). OSB joined the FTSE 250 index in June 2015. On 4 October
2019, OSB acquired Charter Court Financial Services Group plc
(CCFS) and its subsidiary businesses. On 30 November 2020, OSB
GROUP PLC became the listed entity and holding company for the OSB
Group. The Group provides specialist lending and retail savings and
is authorised by the Prudential Regulation Authority, part of the
Bank of England, and regulated by the Financial Conduct Authority
and Prudential Regulation Authority. The Group reports under two
segments, OneSavings Bank and Charter Court Financial Services.
OneSavings Bank
OneSavings Bank primarily targets market sub-sectors that offer
high growth potential and attractive risk-adjusted returns in which
it can take a leading position and where it has established
expertise, platforms and capabilities. These include private rented
sector Buy-to-Let, commercial and semi-commercial mortgages,
residential development finance, bespoke and specialist residential
lending, secured funding lines and asset finance.
OSB originates mortgages organically via specialist brokers and
independent financial advisers through its specialist brands
including Kent Reliance for Intermediaries and InterBay Commercial.
It is differentiated through its use of highly skilled, bespoke
underwriting and efficient operating model.
OSB is predominantly funded by retail savings originated through
the long-established Kent Reliance name, which includes online and
postal channels as well as a network of branches in the South East
of England. Diversification of funding is currently provided by
securitisation programmes and the Term Funding Schemes.
OneSavings Bank plc LEI: 213800WTQKOQI8ELD692
Important disclaimer
This document should be read in conjunction with the documents
distributed by OneSavings Bank plc (OSB) through the Regulatory
News Service ('RNS'). This document is not audited and contains
certain forward-looking statements, beliefs or opinions, including
statements with respect to the business, strategy and plans of OSB
and its current goals and expectations relating to its future
financial condition, performance and results. Such forward-looking
statements include, without limitation, those preceded by, followed
by or that include the words 'targets', 'believes', 'estimates',
'expects', 'aims', 'intends', 'will', 'may', 'anticipates',
'projects', 'plans', 'forecasts', 'outlook', 'likely', 'guidance',
'trends', 'future', 'would', 'could', 'should' or similar
expressions or negatives thereof. Statements that are not
historical facts, including statements about OSB's, its directors'
and/or management's beliefs and expectations, are forward-looking
statements. By their nature, forward-looking statements involve
risk and uncertainty because they relate to events and depend upon
circumstances that may or may not occur in the future. Factors that
could cause actual business, strategy, plans and/or results
(including but not limited to the payment of dividends) to differ
materially from the plans, objectives, expectations, estimates and
intentions expressed in such forward-looking statements made by OSB
or on its behalf include, but are not limited to: general economic
and business conditions in the UK and internationally; market
related trends and developments; fluctuations in exchange rates,
stock markets, inflation, deflation, interest rates and currencies;
policies of the Bank of England, the European Central Bank and
other G8 central banks; the ability to access sufficient sources of
capital, liquidity and funding when required; changes to OSB's
credit ratings; the ability to derive cost savings; changing
demographic developments, and changing customer behaviour,
including consumer spending, saving and borrowing habits; changes
in customer preferences; changes to borrower or counterparty credit
quality; instability in the global financial markets, including
Eurozone instability, the potential for countries to exit the
European Union (the EU) or the Eurozone, and the impact of any
sovereign credit rating downgrade or other sovereign financial
issues; technological changes and risks to cyber security; natural
and other disasters, adverse weather and similar contingencies
outside OSB's control; inadequate or failed internal or external
processes, people and systems; terrorist acts and other acts of war
or hostility and responses to those acts; geopolitical, pandemic or
other such events; changes in laws, regulations, taxation,
accounting standards or practices, including as a result of an exit
by the UK from the EU; regulatory capital or liquidity requirements
and similar contingencies outside OSB's control; the policies and
actions of governmental or regulatory authorities in the UK, the EU
or elsewhere including the implementation and interpretation of key
legislation and regulation; the ability to attract and retain
senior management and other employees; the extent of any future
impairment charges or write-downs caused by, but not limited to,
depressed asset valuations, market disruptions and illiquid
markets; market relating trends and developments; exposure to
regulatory scrutiny, legal proceedings, regulatory investigations
or complaints; changes in competition and pricing environments; the
inability to hedge certain risks economically; the adequacy of loss
reserves; the actions of competitors, including non-bank financial
services and lending companies; and the success of OSB in managing
the risks of the foregoing.
Accordingly, no reliance may be placed on any forward-looking
statement and no representation, warranty or assurance is made that
any of these statements or forecasts will come to pass or that any
forecast results will be achieved. Any forward-looking statements
made in this document speak only as of the date they are made and
it should not be assumed that they have been revised or updated in
the light of new information of future events. Except as required
by the Prudential Regulation Authority, the Financial Conduct
Authority, the London Stock Exchange PLC or applicable law, OSB
expressly disclaims any obligation or undertaking to release
publicly any updates or revisions to any forward-looking statements
contained in this document to reflect any change in OSB's
expectations with regard thereto or any change in events,
conditions or circumstances on which any such statement is based.
For additional information on possible risks to OSB's business,
please see the "Risk Review" section of the OSB 2018 Annual Report
and Accounts. Copies of this are available at www.osb.co.uk and on
request from OSB.
Nothing in this document and any subsequent discussion
constitutes or forms part of a public offer under any applicable
law or an offer to purchase or sell any securities or financial
instruments. Nor does it constitute advice or a recommendation with
respect to such securities or financial instruments, or any
invitation or inducement to engage in investment activity under
section 21 of the Financial Services and Markets Act 2000. Past
performance cannot be relied on as a guide to future performance.
Nothing in this document is intended to be, or should be construed
as, a profit forecast or estimate for any period.
Liability arising from anything in this document shall be
governed by English law, and neither the Company nor any of its
affiliates, advisors or representatives shall have any liability
whatsoever (in negligence or otherwise) for any loss howsoever
arising from any use of this document or its contents or otherwise
arising in connection with this document. Nothing in this document
shall exclude any liability under applicable laws that cannot be
excluded in accordance with such laws.
Certain figures contained in this document, including financial
information, may have been subject to rounding adjustments and
foreign exchange conversions. Accordingly, in certain instances,
the sum or percentage change of the numbers contained in this
document may not conform exactly to the total figure given.
(END) Dow Jones Newswires
July 06, 2021 07:55 ET (11:55 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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