Mars gets Irish NPL securitization away, despite thin mezz cover

Mars Capital managed to price Grand Canal Securities 2, a securitization of Irish NPLs, at relatively tight levels even though the subscription ratio was relatively thin on mezzanine notes.

  • By Bill Thornhill
  • 23 Nov 2017

The euro-denominated senior and mezzanine bonds were offered in Reg S format following a roadshow that finished last week.

The €230.87m Aa2-rated senior ‘A’ class notes with a weighted average life of 2.48 years were priced with a discount margin of 175bp at 98.1874 and were subscribed ...

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