Finance Ireland debut overcomes stark rating split

When Ireland’s largest non-bank lender, Finance Ireland, approached the market for its debut term securitization, Pembroke Property Finance, it had to overcome an issue which would have barely occurred pre-crisis — rating agencies which utterly disagreed about the quality of its deal. For S&P, the class ‘D’ notes were a solid A, while its second agency, Fitch, didn’t even consider the tranche investment grade.

  • By Owen Sanderson
  • 10 Jun 2019

But far from dropping the agency, the issuer pressed ahead to print the trade — and hopes to establish a regular presence in the market with the new asset class of small balance Irish CMBS.

“The investor demand speaks for itself, we were very well oversubscribed across every ...

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2 Morgan Stanley 2,420 6 13.57
3 Goldman Sachs 2,096 5 11.75
4 BNP Paribas 1,686 6 9.45
5 Barclays 1,565 4 8.77

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