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P2P Global Investments : Issues Europe's First Peer-To-Peer Loan Backed Bonds (ALLISS)

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09/27/2016 | 12:27pm CEST

LONDON (Alliance News) - Investment trust P2P Global Investments PLC said Tuesday it has completed the first securitisation of consumer loans originated on a marketplace platform in Europe, the Middle East and Asia.

P2P said the security is backed by UK consumer loans originated via the Zopa platform for peer-to-peer lending. The bonds were rated by Moody's and Fitch Ratings, with the most senior notes given an Aa3/AA- rating, priced at a spread of 145 basis points over Libor.

P2P describes itself as the first UK-listed investment trust which focuses on investing in loans originated via marketplace lending platforms, which connect investors directly to borrowers.

Simon Champ, CEO of MW Eaglewood Europe LLP, which manages P2P, said: "This transaction marks a positive step in enabling us to deliver on our objective to both diversify the sources and reduce the cost of our funding. The funds raised by the issue will now be progressively deployed in line with the investment strategy and our intention remains to steadily increase our leverage ratio to 100%."

"We believe our target rate of return, mostly paid out in dividends, is particularly compelling in this ultra-low interest rate environment."

Shares in P2P were down 0.2% at 838.44 pence Tuesday.

By Adam Clark; adamclark@alliancenews.com

Copyright 2016 Alliance News Limited. All Rights Reserved., source Alliance News

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