Global law firm Ashurst has advised Santander UK Plc on the issuance of £500 million Series 2024-2 Notes under the Holmes Master Trust RMBS platform.
Holmes Master Issuer Plc issued its Series 2024-2 notes with a principal amount equal to £500,000,000 backed by a portfolio of first-lien prime residential owner-occupied mortgage loans originated by Santander UK Plc under its Holmes Master Trust platform.
This issuance was the third issuance under the Holmes Master Trust platform in the last 12 calendar months, completed amidst challenging market conditions in August 2024.
The Ashurst team was led by partner Thomas Picton, supported by senior associate Theodoros Kotsiras and associate Courtney Naughton. Tax advice was led by partner Paul Miller, supported by associate Luis De Freitas.
Partner Thomas Picton commented, "We are pleased to support long-standing client Santander on another successful issuance under the Holmes Master Trust platform. Despite uncertain market conditions, our collaborative efforts have once again demonstrated our joint commitment to excellence and innovation in the financial markets."
The Ashurst team worked in conjunction with Jasmine Panesar, who led the transaction for Santander UK Treasury, and Valentina di Vito from Santander UK Treasury and Structured Finance legal team.
Valentina commented "Holmes plays a crucial part in Santander UK's annual funding plan and we were delighted with such a successful outcome despite the global markets turmoil."
