Lloyds, MS price first 100% BTL Irish RMBS since the crisis

Lloyds and Morgan Stanley have teamed up to price M&G-sponsored Irish RMBS Mulcair Securities, with the senior notes printed in line with initial thoughts at 100bp.

  • By Tom Brown
  • 10 Apr 2019

The pre-crisis mortgage portfolio has a weighted average seasoning of 12.44 years and is made up entirely of buy-to-let (BTL) mortgages, making this the first Irish RMBS backed entirely by BTL assets to come out of the country since the financial crisis, according to a Bank of Ireland spokesperson.

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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

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