Permanent TSB finds high take up in Fastnet RMBS buyback

Irish bank Permanent TSB met a take-up rate of more than 50% in its buyback of Fastnet Securities 2 RMBS, a sharp contrast to the low participation rates seen in most other cash tenders on European asset backed securities.

  • 15 Oct 2012
The borrower bought back €644m of the notes through a modified Dutch auction. Investors tendered €749m of bonds in total across the four tranches, amounting to a participation rate of more than 50%. That is much higher than most other European ABS buybacks, which typically attract lower participation ...

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