Ogier advises on Lendable's landmark £500 million UK consumer ABS transaction

Ogier's Structured Finance team has acted as Irish and Luxembourg legal counsel on Lendable's £500 million Hoxton Consumer Loan Funding 2026-1 securitisation – the largest ever UK consumer ABS placement.

Lendable's inaugural public securitisation generated the largest non-residential sterling orderbook of 2026, with investor demand exceeding £1.4 billion.

The transaction was issued by Hoxton Consumer Loan Funding 2026-1 DAC, an Irish special purpose company, and securitises a portfolio of more than 79,000 unsecured UK consumer loan receivables with an aggregate outstanding principal balance of £500 million. The notes were rated by Moody's and S&P, with the Class A Notes achieving the highest ratings of Aaa (sf) and AAA (sf),and were admitted to the Official List and trading on the regulated market of Euronext Dublin.

Ogier advised on the transaction through a cross-disciplinary team spanning legal, tax and listing services. The firm acted as Irish legal counsel to the issuer and Lendable in its capacities as seller, servicer and legal title holder. Ogier in Luxembourg advised the risk retention holder, a Luxembourg reserved alternative investment fund, on Luxembourg law aspects of the transaction. Ogier Global, the firm's corporate and fiduciary services business, acted as Irish listing agent in connection with the Central Bank of Ireland's approval of the prospectus and the listing of the notes on Euronext Dublin.

Leading on the transaction was Richard Kelly, partner and head of Structured Finance at Ogier in Ireland: "We are delighted to have supported Lendable on its debut public securitisation, a significant milestone for both the business and the wider UK consumer finance market. The success of the transaction reflects the strength of Lendable's platform and demonstrates strong investor demand for high-quality consumer ABS. It also showcases Ogier's ability to deliver integrated legal, tax and listing expertise across complex cross-border securitisation transactions."

Ogier's team in Ireland also included partner Eoin Hamill, tax partner John Perry, senior associate Conor McKeown, tax associate Edwina Hilton and associates Eimear Walsh and Cathal Keane.

In Luxembourg, the team was led by partner Laura Archange, assisted by associates Brian Fortini, Lorenzo Ducange and Henrique Arcoverde. The Ogier Global listing agency team was led by listings director Margot Carty.

Ogier is a market-leading adviser on structured finance, securitisation and capital markets transactions, acting for arrangers, originators, issuers, investors and service providers across international financial markets. The team brings together lawyers, tax and regulatory advisers, listing and agency specialists to support structured finance transactions from inception to execution.