Norwich Union - Securitisation of equity release mortgages

  • 11 Aug 2005

Slaughter and May advised Norwich Union on its fifth equity release mortgage backed securitisation, Equity Release Funding (No. 5) PLC, completed on 11 August 2005. The £381 million note issue consisting of three tranches of floating rate notes was backed by a portfolio of equity release mortgages originated by Norwich Union Equity Release Limited and issued via a special purpose vehicle Equity Release Funding (No. 5) PLC. The notes were admitted to trading on the London Stock Exchange.

Morgan Stanley and The Royal Bank of Scotland acted as the arrangers and Citicorp Trustee Company Limited in its capacity as the trustee represents the noteholders (each advised by Freshfields Bruckhaus Deringer as to English law and by Tods Murray LLP as to Scots law). Citibank N.A. acted as the agent. Maclay Murray & Spens advised NUERL and the issuer as to Scots law.




Stephen Powell (partner), Mark Dwyer (partner), Ani Lassus (associate), Candice Nataf-Pesonen (associate). Tax: Graham Airs (partner), Alisa Greda (associate); Commercial Real Estate: Dermot Rice (partner), Alexander Peeke (associate)

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