Copying and distributing are prohibited without permission of the publisher.


Irish Mortgage Lender Readies RMBS

20 Apr 2003

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.

First Active, a Dublin-based mortgage lender is preparing its first residential mortgage-backed securitization in two years. Celtic 8 will be a E750 million deal and will be launched in June, says Donal Corbett, manager, debt capital markets. The deal will be backed by owner-occupied prime residential mortgages. Barclays Capital is the lead arranger. Deutsche Bank and J.P. Morgan Securities are joint lead managers.

First Active's last deal was a E650 million offering launched in October 2001, which included some mortgage assets from its first deal--a private one--issued in 1996. Going forward, First Active is planning to issue one deal per year, says Corbett. First active has a E7 billion mortgage book, E2 billion of which has already been securitized.

20 Apr 2003