Last month DePfa ACS Bank ended the almost three-year wait for an inaugural Irish covered bond by launching the first ever Irish asset-covered security, a €3 billion five-year deal.
The German mortgage bank was always the favourite to open the market, and its transaction was widely predicted. The potential is there for the Irish market to overtake the fourth-largest covered bond sector, the Luxembourg lettres de gage, say analysts, but the real driver will be DePfa’s debut.
“The success of th
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