| Issuer |
Paragon Mortgages (No.26) PLC, 51 Homer Road, Solihull, West Midlands, B91 3QJ |
| Closing Date |
3 July 2019 |
| Originators |
Paragon Mortgages (2010) Limited, 51 Homer Road, Solihull, West Midlands, B91 3QJ (Not rated)
Paragon Bank PLC, 51 Homer Road, Solihull, West Midlands, B91 3QJ (Not rated) |
| Notes Issued |
Class A1 Notes |
Class A2 Notes |
Class B Notes |
Class C Notes |
Class D Notes |
Class Z Notes |
Class S Notes |
Class SVFN Notes |
RC1a Residual Certificates |
RC1b Residual Certificates |
RC2a Residual Certificates |
RC2b Residual Certificates |
| Original Rating (Fitch/Moody’s) |
AAA/Aaa |
AAA/Aaa |
AA+/Aa1 |
A/Aa3 |
BBB/Baa3 |
Unrated |
Unrated |
Unrated |
Unrated |
Unrated |
Unrated |
Unrated |
| Current Rating (Fitch/Moody’s) |
AAA/Aaa |
AAA/Aaa |
AAA/Aaa |
A+/Aa1 |
BBB+/A3 |
Unrated |
Unrated |
Unrated |
Unrated |
Unrated |
Unrated |
Unrated |
| Original Notes |
£383,489,000 |
£151,540,000 |
£24,741,000 |
£18,555,000 |
£20,102,000 |
£20,105,000 |
£10,177,000 |
£9,477,658 |
N/A |
N/A |
N/A |
N/A |
| Note Denominations |
£100,000 |
£100,000 |
£100,000 |
£100,000 |
£100,000 |
£100,000 |
£100,000 |
£100,000 |
N/A |
N/A |
N/A |
N/A |
| Current Margins |
105bp |
120bp |
190bp |
225bp |
260bp |
360bp |
400bp |
400bp |
N/A |
N/A |
N/A |
N/A |
| Step Up / Call Option Dates |
August 2024 |
August 2024 |
August 2024 |
August 2024 |
August 2024 |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
| Step Up Margins |
157.5bp |
180bp |
285bp |
325bp |
360bp |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
| Principal Determination Dates |
Last business day of October, January, April, July |
| Quarterly Interest Payment Dates |
15 November, 15 February, 15 May, 15 August |
| Lead Managers |
Lloyds Bank Corporate Markets PLC, 25 Gresham Street, London, EC2V 7HN Ratings: Fitch (A+) / Moody’s (A1) / S&P (A)
Merrill Lynch International, 2 King Edward Street, London EC1A 1HQ Ratings: Fitch (AA) / Moody’s (-) / S&P (A+) |
| Administrators |
Paragon Mortgages (2010) Limited, 51 Homer Road, Solihull, West Midlands, B91 3QJ (Not rated)
Paragon Bank PLC, 51 Homer Road, Solihull, West Midlands, B91 3QJ (Not Rated) |
| Trustee |
Citicorp Trustee Company Limited, Citigroup Centre, Canada Square, Canary Wharf, London, E14 5LB (Not Rated) |
| Rating Agencies |
Fitch Ratings Limited, 30 North Colonnade, London E14 5GN
Moody’s Investors Service Limited, One Canada Square, Canary Wharf, London, E14 5FA |
| Principal Paying / Reference Agent |
Citibank, N.A., London Branch, Citigroup Centre, 21st Floor, Canada Square, Canary Wharf, London, E14 5LB Ratings: Fitch (A+) / Moody’s (Aa3) / S&P (A+) |
| Legal Advisors to the Issuer/Administrator |
Clifford Chance LLP, 10 Upper Bank Street, Canary Wharf, London, E14 5JJ |
| Legal Advisors to the Lead Managers |
Allen & Overy LLP, 1 Bishops Square, London, E1 6AD |
| Legal Advisors to the Trustee |
Simmons & Simmons LLP, City Point, One Ropemaker Street, London, EC2Y 9SS |
| Auditors to the Issuer |
KPMG LLP, 15 Canada Square, London E14 5GL |
| Underlying Assets |
Investment Home Loans |
| Residual Certificates Holders |
Paragon Mortgages (2010) Limited, 51 Homer Road, Solihull, West Midlands, B91 3QJ (Not Rated)
Paragon Bank PLC, 51 Homer Road, Solihull, West Midlands, B91 3QJ (Not Rated) |
| Retention Undertaking |
Paragon Finance PLC, 51 Homer Road, Solihull, West Midlands, B91 3QJ (Not Rated) as an orginator will retain a material net economic interest of at least 5 per cent. in the securitisation as required by Article 6 of Regulation (EU) 2017/2042 (the "Securitisation Regulation") which, does not take into account any corresponding national measures. |
| Substitute Administrator |
Homeloan Management Limited, The Pavilions, Bridgwater Road, Bristol, BS13 8AE (Not rated) |
| Substitute Administrator Facilitator |
Maples Fiduciary Services (UK) Limited, 11th Floor, Aldersgate Street, London, EC1A 4HD (Not Rated) |
| Basis Hedge Providers |
Lloyds Bank Corporate Markets PLC, 25 Gresham Street, London EC2V 7AE Ratings: Fitch (A+) / Moody’s (A1) / S&P (A)
Banco Santander S.A., London Branch a branch registered in England and Wales (registered no. BR001085), whose registered office is at 2 Triton Square, Regents Place, London NW1 3AN, of Banco Santander S.A., a Spanish "Sociedad Anonima" (public limited company) incorporated in Spain (tax number A-39000013), whose principal place of business is at S/N, Avenida De Cantabria, Boadilla Del Monte, Madrid 28600, Spain Ratings: Fitch (A-) / Moody's (A2) / S&P (A+)
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