Permanent TSB hangs on to risk retention in NPL disposal

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By Owen Sanderson
04 Dec 2018

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.

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.

The deal prospectus ...

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