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.
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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