Permanent TSB hangs on to risk retention in NPL disposal

Permanent TSB announced last week that it sold a €1.3bn book of non-performing loans, Project Glenbeigh, which hit the securitization market last week in a full capital stack issuance underwritten by Citi. But though the Irish bank has sold the loans and booked the capital benefits, it is still the risk retention holder on the transaction.

  • By Owen Sanderson
  • 04 Dec 2018

Citi said on Thursday that it had placed all the notes — investment grade classes from ‘A’ to ‘C’, with coupons from 80bp to 175bp over Euribor, speculative grade classes ‘D’ and ‘E’, with coupons of 225bp and 275bp, and unrated ‘Z’ and ‘F’ notes.

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 4,486 16 13.62
2 Citi 4,347 16 13.20
3 Lloyds Bank 3,158 6 9.59
4 Morgan Stanley 3,066 8 9.31
5 Bank of America Merrill Lynch (BAML) 2,771 10 8.42

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 59,774.40 197 10.64%
2 JPMorgan 52,017.12 155 9.26%
3 Wells Fargo Securities 42,153.78 123 7.51%
4 Bank of America Merrill Lynch 41,657.82 137 7.42%
5 Credit Suisse 38,415.30 121 6.84%