Morgan Stanley brings RMBS with new yield boost feature

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By Tom Brown
19 Jan 2021

Morgan Stanley is marketing an Irish re-performing RMBS, Shamrock Residential 2021-1. The deal includes a new structural feature for the European market, which juices the yield on the portfolio by diverting a portion of principal payments to this purpose.

The portfolio comes from Ulster Bank Ireland, Danske Bank, Stepstone Mortgage Funding and Permanent TSB, most of which sold the defaulted loans after the financial crisis.

More recently, loans backing the deal were owned by Lone Star and Cerberus, before being sold to Morgan Stanley.

The range of borrowers provides ...

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