Depfa launches first Irish ACS in $ market

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Depfa ACS Bank, the Irish unit of German bank Depfa Bank, took advantage last month of the malaise in the US agency market by launching the first dollar-denominated Irish asset-covered security – a $1.5 billion, five-year global deal.

“We took profit out of the agency story. This transaction is a safer bet than debt from Fannie Mae or Freddie Mac,” says Wally Hoefer-Neder (above), global head of capital markets at Depfa in Frankfurt, Germany. “The market likes to deal with facts, not with

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