Morgan Stanley restructures Irish NPL deal after roadshow

Morgan Stanley revised tranche sizes and coupons on an Irish non-performing loan RMBS deal for Lone Star, following investor feedback in last week's roadshow.

  • By Tom Brown
  • 15 Jul 2019

ERLS 2019 is backed by a pool of NPLs that were previously securitized, mostly in ERLS 2017-NPL1. The parts of the portfolio which had become reperforming were carved away and securitized in the Morgan Stanley-sponsored Shamrock 2019-1 earlier this month.

The deal was announced at the beginning ...

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2 Citi 4,679 16 12.02
3 Lloyds Bank 3,158 6 8.11
4 Bank of America Merrill Lynch (BAML) 3,104 10 7.97
5 Morgan Stanley 3,066 8 7.88

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