Ulster Bank exceeds Celtic RMBS buyback target

By Joseph McDevitt
27 Jun 2013

Royal Bank of Scotland’s Irish subsidiary, Ulster Bank, has bought back €1.5bn of Celtic Residential Irish Mortgage Securitization (CRSM) bonds, exceeding its targeted volume by around €250m.

Ulster Bank used an unmodified Dutch auction for the tender offer, which involved all tranches in CRSM 9,10,11 and 12, at a total amortised outstanding volume of €5.2bn. Investors submitted around €2bn of offers in total, of which the issuer accepted €1.5bn. It originally targeted buying back €1.25bn ...

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