Paragon completes another securitisation

Buy-to-let lender Paragon Group of Companies (PAG) has quickly completed a £200m securitisation programme, only the second public transaction of bundled buy-to-let loans since the credit crunch, most of which have an AAA rating, The triple-A rated tranche makes up £175m of the package, secured at just 1.35 percentage points over the London interbank offered rate (Libor). The proceeds will be used to recharge the group's two £200m wholesale mortgage facilities with Macquarie Bank and Lloyds Banking, and give it the firepower for further lending.