Irish Mortgage Lender Readies RMBS

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  • 21 Apr 2003
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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.

  • 21 Apr 2003

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1 Citi 242,241.25 929 8.19%
2 JPMorgan 223,842.40 997 7.57%
3 Bank of America Merrill Lynch 216,424.41 725 7.32%
4 Barclays 185,098.93 672 6.26%
5 Goldman Sachs 159,205.64 520 5.38%

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4 SG Corporate & Investment Banking 26,569.73 97 5.33%
5 Credit Agricole CIB 23,807.36 111 4.78%

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4 UBS 6,098.17 23 5.29%
5 Credit Suisse 5,236.02 28 4.54%