The Bank of New York has been appointed by Redstone Mortgages Plc to act as note and security trustee for its Bluestone Securities plc GBP 1 billion Asset Backed Note Program.
This is the first residential mortgage-backed securitization multi-issuance platform of its kind to be created in the U.K. The London branch of Bayerische Hypo-und Vereinsbank AG (HVB) arranged the structure, which integrates securitization, repackaging and medium-term note program techniques that allow different series of notes to be issued from one segregated special purpose vehicle, backed by mortgages from a range of originators.
“We recommended The Bank of New York as trustee to Redstone to service this innovative structure,” Olivier Defaux, director, Asset Securitization HVB, program arranger, said. “Their experience lends the necessary skill set required to manage a multi-issuance platform, which has completely different requirements than that of a single issuance vehicle. We believe their structured finance staff has the depth of expertise and ability to add value for our client and their investors.”
Steven Hodgetts, managing director of global trust services at The Bank of New York, said, “This transaction is another example of how we leverage our core capabilities to customize a client-focused solution that assists the originator and its advisors in achieving their financing needs. In this instance, the Bank’s collaborative approach helped ensure some key innovations, which we hope will be the basis of a strong partnership with Redstone.”