This transaction represented a refinancing of the Avon Finance No.1 plc transaction, on which Reed Smith advised in the summer of 2020.

Reed Smith advised Capita on the new RMBS structure including an interim servicing and legal titleholder arrangement under which the legal title to the mortgage portfolio is set to transfer from Co-operative Bank entities to Capita within the next 12 months.

The London-based Reed Smith team advising Capita was led by Financial Industry Group partners, Sarah Caldwell and Nathan Menon, who were supported by Kelly Knight, Alice Powell, Claudia Gwinn, and financial regulatory partner Romin Dabir.

Menon said: “We were delighted to advise on this transaction, which represents a strategic milestone for Capita, and is their first refinancing of a servicing mandate with Barclays and PIMCO.”

Reed Smith’s finance-focused lawyers are experienced in every aspect of the financial sector, having advised banks and financial institutions on finance, lending, investment management, restructuring and insolvency, regulatory, and litigation transactions across the globe.