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Tuesday, 4th August 2020
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Securitisations Back  
Creation of financial instruments by combining other financial assets and then selling them to investors in the new form.
EBS Building Society (Emerald Mortgages No 3)
Date closed: 06/03
Volume: €750 million (Class A bonds: €712.5 m and Class B bonds: €37.5 m)
Maturity: 2035: Average 4.8 years with a call in October 2010
Coupon: 26 bp over Euribor
Arranger: CSFB, Barclays Capital
Legal Adviser: Arthur Cox (EBS), McCann Fitzgerald (Rabobank)
Description: This was the first Irish MBS in nearly 18 months. Despite concern over house prices the diversification draw and strength of collateral prevailed and the offering was priced inside recent MBS from more established markets, closing over twice subscribed at the senior level. The junior tranche a €3.5 million single A bond averaging 5.9 years was priced at 72 bp over Euribor.

First Active
Date closed: 30/06/03
Volume: €750 million
Maturity: 32 years
Coupon: Euribor +23bps, Euribor +70bps
Arranger: Barclays Capital
Lead Managers: Barclays Capital, Deutsche Bank, JP Morgan
Co Managers: BNP Paribas, CSFB, Dresdner, HSBC, RBS
Legal Adviser: McCann FitzGerald
Description: A residential mortgage backed securitisation done for funding and capital reasons. The road show for the transaction went to Dublin, London, Munich, Frankfurt, Paris, Brussels and Madrid. The expectation is to refinance after 7 years when the margin above Euribor doubles. The AAA tranche is priced at Euribor +23bps and the A tranche priced at Euribor +70 bps. There were 46 investors in the deal.

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