May 2007
Real estate: Anglo Irish Bank bypasses CMBS market
Anglo Irish Bank is issuing the first covered bond backed entirely by commercial mortgage assets and bypassing the CMBS market. The bank will be making its debut on the covered bond market with a €2 billion programme. The structure of the issue will be broadly similar to conventional UK structured covered bonds, differing only in the make-up of the cover pool. Anglo Irish Bank’s focus is on commercial lending but Irish ACS regulations limit the proportion of commercial mortgage assets in the cover pool to 10%, so the bank is issuing outside the legal framework.
Issuing this covered bond now raises the question why the bank didn’t wait for the forthcoming amendment to the Irish ACS regulations that would allow for covered bonds backed by exclusively commercial mortgage assets. "We planned this issue some time...
This is archived content. Your current settings does not currently allow access to the archive. To gain access visit the subscription page or call our hotline on +44 (0)207 779 8999.
If you are a trialist or subscriber, please enter your username and password at the top right-hand side of euromoney.com
Subscribers to Euromoney benefit from:
Level 1:
- Online access to the past 12 months content
- Tailored RSS news feeds direct to your desktop
- News delivered directly to your mobile device or PC
- Personalised email newsfeed of 'Top stories' and 'Breaking news'
Level 2:
- Exclusive access to euromoney.com - Read the latest issue early online, search for specific developments by region or sector, interrogate the results of Euromoney's benchmark polls, and view the archive dating back to 2000
- 12 monthly issues of Euromoney magazine
- More than 30 specialist research guides free
- The results of Euromoney’s polls and surveys
- Tailored RSS news feeds direct to your desktop
- News delivered directly to your mobile device or PC
- Personalised email newsfeed of 'Top stories' and 'Breaking news'
Click here to subscribe