First Irish covered mortgage bonds set to debut

The Irish covered bonds benefit from the strength of both the Irish covered bond legislation and certain limited additional structural enhancements, according to Moody’s Investors Service, which rated the deal.

Similar to all covered bonds that have limited or no structuring, the credit strength of these bonds will be affected by the future collateral that is placed in the asset cover pool. At press time, certain details of the bond issue had not been determined, but the issue is likely to be a euro-denominated fixed-rate bullet bond.

Although Irish covered bond legislation has been in place for some time, to date no bonds backed by a pool of mortgages have been brought to market. However, bonds backed by public sector loans have been done in the past by DZ Bank and WestLB.

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