Sirius Funding plc is a cash securitisation of a portfolio comprised of corporate loans denominated in sterling. The loans have been granted by Barclays Bank plc (Barclays) to its corporate borrowers in Europe and the United Kingdom. The portfolio collateralises class A senior notes, class B mezzanine notes and subordinated notes. The transaction originally closed on 28 June 2018 and was most recently restructured on 5 December 2019. The pre-amendment transaction features a GBP 3.25bn portfolio and a revolving period ending in January 2024.

The main amendments include: i) the exclusion of project finance loans with projects in construction phase from the eligible universe and ii) the extension of the reinvestment period to 14 July 2027 together with an update of the weighted average maturity test. The amendments are effective from the 19th of October 2023.

Scope’s analysis only covers the credit impact associated with the amendments described above. Scope has not addressed other non-credit related effects that may be relevant for investors and/or counterparties when assessing the impact of said amendments.

This announcement note does not constitute a Credit Rating Action, nor does it indicate the likelihood that Scope will conduct a Credit Rating Action in the short term. Information about the latest Credit Rating Action connected with this announcement along with the associated rating history can be found on www.scoperatings.com.