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€3bn issued in October Back  
It has been a busy month for the burgeoning Irish asset covered security market with two new issues from WestLB and DEPFA Bank.

WestLB Covered Bond Bank (WestLB CBB), the Dublin subsidiary of German landesbank WestLB, has brought its inaugural Irish covered bond/asset covered security (ACS), a $2 billion five-year issue, to market. And the first ACS issuer, DEPFA Bank, has issued its third Irish covered bond, a $1.25 billion five-year issue. While the ACS market took its time to develop, with the first issue coming a year after the legislation creating the market was passed, there has now been four issues to date this year.

DEPFA Bank kick-started the market back in February of this year with a e5 billion 5-year issue, which was followed three months later with a e3.5 billion 10-year issue. DEPFA’s latest issue was its first dollar ACS. DEPFA has indicated that it may issue two more dollar ACS in 2004. WestLB CBB’s first foray into the ACS market also proved successful, with the majority of investors coming from outside Germany. WestLB CBB has given a commitment to issue two benchmark issue per year.

Irish investors have supported the various issues to date, with five per cent of DEPFA’s debut bond being placed with Irish investors. And according to Peter Van Dessel, managing director of WestLB CBB, there was good participation in its issue from the Irish investment community.

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