Slaughter and May advised Deutsche Bank AG - sale of UK residential mortgage loans

Slaughter and May advised Deutsche Bank AG on the sale of a £396mm portfolio of UK residential mortgage loans by DB UK Bank Limited, a UK-based subsidiary of Deutsche Bank AG, to Rochester Mortgages Limited (RML), a subsidiary of OneSavings Bank plc (OSB), and its subsequent securitisation by Rochester Financing No.2 plc (Rochester 2).

In connection with the securitisation, RML sold approximately £374mm of the mortgage loan portfolio to Rochester 2, the securitisation issuer, while OSB acquired and will keep approximately £22mm of the portfolio on balance sheet to comply with the EU risk retention requirements. OSB and Morgan Stanley acted as co-arrangers of the securitisation.

Slaughter and May also advised Deutsche Bank AG on the purchase of notes and residual certificates in the securitisation.

Oliver Wicker Partner
Mike Lane Partner
Jan Putnis Partner
Sandeep Maudgil Partner
Katherine Flower Senior Counsel