Anglo Irish Bank today (29 May 2002) successfully launched a securitisation of UK commercial mortgages through a special purpose company, Monument Securitisation (CMBS) No.2 Limited. The transaction amount was GBP400 million (Euro 628mln equivalent) and was made up of 138 loans backed by security over 273 properties. The transaction was financed through the issuance of tiered rated bonds to UK and European institutional investors. Merrill Lynch International acted as Lead Manager on the transaction.
Securitisation is one of a number of capital market instruments used by Anglo Irish Bank to raise capital and funding to support the growth of the Bank. This is Anglo Irish Bank’s second securitisation of UK investment property loans. The first transaction, completed in September 2000, raised GBP375 million.
Commenting on the transaction, Mr Bernard Daly, Director of Treasury at Anglo Irish Bank said
“ This benchmark transaction has been extremely well received by the market and the over subscription and pricing achieved set new standards for commercial mortgage backed transactions. These underline the high level of confidence that investors have in the quality of our investment property lending business in the UK.
We expect to complete further securitisations in the future as part of our ongoing capital and funding diversification programmes”.
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For reference:
Anglo Irish Bank
Bernard Daly, Director Group Treasury
Tel: (01) 616 2600
John Bowe, Head of Debt Capital Markets
Tel: 087 285 4060
Ronan White, Head of Corporate Communications
Tel: (01) 616 2699
Drury Communications
Orla Benson
Tel: (01) 260 5000
