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Wednesday, 17th April 2024
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Irish institutions on the funding trail Back  
Irish institutions are on the funding trail, with a number of banks and corporates raising a significant volume of funds over the past month. Ulster Bank Group raised €1.5 billion through the issue of floating rate notes with a maturity of three years, while First Active has had its €1.95 billion floating rate notes assigned preliminary credit ratings, and ISTC has doubled its capital base by raising $235 million, while IAWS accessed the US private placement market in a $450 million deal.

Meanwhile, ahead of the Barcelona Global ABS conference, First Active transacted its latest residential mortgage securitisation (RMBS) deal under its Celtic programme. The €1.95 billion Celtic Residential Irish Mortgage Securitisation No. 12 Ltd. (Celtic 12) comprises of prime Irish residential mortgages.

Also, ISTC, Tiernan O'Mahony's investment vehicle, has doubled its capital based by raising $235 million from 74 institutional and private bank investors based in Asia and Europe.
Commenting on the transaction, chief financial officer, Frank Gaynor said, 'This latest transaction is the largest capital raising in the company's history to date and will allow us to significantly expand our capital base to in excess of €400 million. It gives ISTC the capital resources to more than double its loan book to in excess of €5 billion.'

Food group IAWS raised $450 million in a US private debt placing in a move aimed at strengthening its balance sheet. The group recently acquired US firm Otis Spunkmeyer in a $600 million deal.

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