Slaughter and May advised NewDay Cards Ltd (NewDay) and its affiliates in relation to an update to, and issuance under, NewDay’s master issuer asset-backed notes programme within NewDay’s existing NDFT master trust structure.
The notes comprised £332,500,000 of Series 2024-1 Floating Rate Asset-Backed Notes (the Series 2024-1 Notes) issued by NewDay Funding Master Issuer plc (the Issuer).
The Series 2024-1 Notes are ultimately backed by income from a portfolio of credit card receivables beneficially owned by NewDay Funding Receivables Trustee Ltd (the Receivables Trustee).
The Series 2024-1 Notes have been listed on the London Stock Exchange and comprise £177,800,000 Class A Notes (rated AAAsf (Fitch)/AAA(sf) (DBRS)), £25,200,000 Class B Notes (rated AA+sf/AA(sf)), £33,950,000 Class C Notes (rated A+sf/A(sf)), £53,900,000 Class D Notes (rated BBB+sf/BBB(sf)), £33,600,000 Class E Notes (rated BBsf/BB(sf)) and £8,050,000 Class F Notes (rated BB-sf/B(high)(sf)). The Class A, Class B, Class C, Class D and Class E Notes were publicly issued, whilst the Class F Notes were retained by NewDay Funding Transferor Ltd, an affiliate of NewDay. The Series 2024-1 Notes use compounded daily SONIA as the reference rate.
Under the securitisation structure, the Receivables Trustee has appointed NewDay as servicer in respect of the portfolio. Legal title to the receivables within the portfolio remains with NewDay Ltd, which is an authorised payment institution and a wholly-owned subsidiary of NewDay.
The issuance was arranged by BofA Securities and Citigroup. BofA Securities, Citigroup, NatWest Markets, Santander Corporate and Investment Banking and SMBC Nikko acted as joint lead managers.
Morgan, Lewis & Bockius UK LLP provided US law advice to NewDay and its affiliates.
Clifford Chance provided English and US law advice to the joint lead managers and the arrangers.
Madeline Dearman / Trainee Solicitor