Global law firm Ashurst has advised Barclays, BNP Paribas, and NatWest as arrangers and dealers on the establishment of, and inaugural issuance under, Paragon's Covered Bond Programme.
The programme was established at the end of February 2025 and the inaugural issuance of £500m of floating rate bonds occurred shortly after on 11 March 2025.
Paragon Bank PLC, a specialist lender in the UK, is now one of 14 FCA regulated covered bond issuers in the UK and is the first to have a cover pool which is made up of 100% buy-to-let residential mortgage loans.
The Ashurst team was led by partners Thomas Picton and Alex Biles, supported by counsel Scott Chatterton, senior associate Henry Hillind, solicitor Izhak Goldstein and solicitor apprentice Charlie Brock. Regulatory advice was provided by partner Lorraine Johnston, supported by senior associate Hannah Pack.
