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Wednesday, 12th August 2020
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Largest securitisation deal issued in busy year as new issuer enters market Back  
Ulster Bank has launched the largest Irish securitisation to date raising funds of €3.9 billion, which is one of the largest funding transactions ever undertaken by an Irish institution. The deal, which is the first mortgage-backed securitisation of Ulster Bank mortgages, is one of the largest securitisation transactions in Europe in 2006, and is the first ever multi-currency Irish deal, with bonds issued in euro, sterling and dollars. It is also the first ever Irish bank securitisation transaction to use all three international credit rating agencies (Moody's, Standard & Poor's and Fitch).

The issue, all tranches of which were significantly oversubscribed, is secured on a portfolio of Republic of Ireland residential mortgages, and is the 11th public transaction from Ulster Bank Group.

The transaction was arranged by Ulster Bank Group's parent Royal Bank of Scotland (RBS), and the funds will be used to support the ongoing expansion of Ulster Bank Group.

The past year has been a strong year for securitisation in Ireland, with a number of major deals, including one from First Active plc, a part of Ulster Bank Group, in August. The €1.8 billion Celtic 10 transaction brought the total value of mortgage-backed securities issued by First Active since its initial transaction in 1998, to €7 billion.

Also during the year, a new issuer entered the market in the form of Start Mortgages, who transacted Ireland's first securitisation of non-conforming Irish residential mortgages, the €370 million Lansdowne Mortgage Securities No. 1 plc, in May. In December, the firm followed with a second transaction, the €525 million securitisation of sub-prime Irish residential mortgages, Lansdowne Mortgage Securities No.2 p.l.c.

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