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EBS, Ireland's largest building society, this week launched its second securitisation of its mortgages with a Eu525m deal via Credit Suisse First Boston.
It is the second Irish deal to come this month, following IIB Homeloans' Eu650m transaction two weeks ago. Irish MBS are attracting a good reception from investors with spreads on both deals setting benchmarks for this sector.
Emerald Mortgages No 2 plc offered Eu504.5m triple-A notes, rated by Fitch and Moody's with a 4.5 year average life, at 26bp over one month Euribor and Eu20.5m with a 5.6 year average life at 68bp over.
The deal is expected to mature in April 2008 when coupons on both tranches double. The legal maturity is April 2028.
The pricing on the deal, as with IIB Homeloans two weeks ago, benefited from a lack of prime mortgage issuance in the market. "It went exceptionally well," said Yossi Kraemer, syndicate official at Credit Suisse First Boston in London. "Investors were dying for a quality mortgage issuer to come to the market...