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First MBS of 2004 launched Back  
Irish Life & Permanent has successfully raised over €1.5 billion in a major securitisation of the mortgage book of its UK subsidiary, Capital Home Loans (CHL). The securitisation is the largest ever undertaken by the group.

This is the first securitisation undertaken by an Irish mortgage institution this year. Irish Life previously securitised €600 million of Irish mortgages back in 1999 in its Auburn Securities deal. Last year both First Active and EBS Building Society securitised Irish mortgage portfolios.
Also in October, Harbourmaster Capital Management, the Dublin based CDO manager, launched its fourth European collateralised loan obligation (CLO) transaction, the €510 million Harbourmaster CLO 4 B.V.

According to Irish Life & Permanent’s finance director, Peter Fitzpatrick, demand for the issue from Irish and European investors had significantly exceeded expectations. ‘The strength of the demand for the bond has enabled us to exceed our pricing expectations and has made this the most successful securitisation yet undertaken by the group,’ he said. The proceeds of the issue are to be used to fund future lending at CHL.

CHL is a wholly owned subsidiary of Irish Life & Permanent. It specialises in providing mortgage finance for the buy-to-let market in the UK. At its recent results presentations, Irish Life & Permanent announced that mortgage lending at CHL had increased by 75 per cent over the same period (H1) last year. The mortgage book at CHL stands at €3.2 billion.

Lead bankers on the deal were Merrill Lynch supported by Citibank and Barclays.

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