FINANCE IRELAND SETS UP RMBS
VEHICLE
Irish non-bank lender FINANCE IRELAND has
SETûUPûANû306ûFORûITSûlRSTû2-"3ûFINANCE
IRELAND RMBS NO.1 DAC was registered with
)RELANDSû#OMPANIESû2EGISTRATIONû/FlCEûONû
-AYûûANDûISûEXPECTEDûTOûCOMEûTOûMARKETû
later in June or July.
&INANCEû)RELANDûSOLDûITSûlRSTû
SECURITISATIONûTHREEûWEEKSûAGO ûAû#-"3û
CALLEDû0EMBROKEû&INANCEûBACKEDûBYûAû
GRANULARûPOOLûOFû#2%ûLOANSû&INANCEû)RELANDû
ALSOûHASûANûESTABLISHEDûAUTOûlNANCEû
business.
Last year, the company began residential
MORTGAGEûORIGINATION ûFUNDEDûBYû-' ûANDû
also bought a €200m portfolio of newly-
ORIGINATEDûMORTGAGESûFROMû0EPPERû-ONEY
4HEûTWOûMOSTûRECENTû)RISHû2-"3ûNEWû
issues were both buy-to-let trades sold in
April, one securitising new origination
FROMûANOTHERûNON
BANKûLENDER û$ILOSK ûANDû
the second backed by restructured legacy
assets from Bank of Ireland.
MORGAN STANLEY ANNOUNCES EOS
(ELOC 35)MORGAN STANLEYûANNOUNCEDûTHEûLATESTû#-"3û
under its ELoC banner last week with EOS
(ELOC 35), backed by a loan to pan-European
ASSETûMANAGERû-û4HEûPREVIOUSûWEEKû
-ORGANû3TANLEYûPRICEDû3CORPIOû%,O#û û
which securitised a loan to Blackstone
backed by UK warehouse and industrial
properties.
4HEûNEWûDEALûWILLûRElNANCEû-SûmAGSHIPû
%2%)0û)6ûFUND
The portfolio is valued at €708.58m,
giving an initial senior loan LTV of 58.7%.
The Netherlands makes up 62.9% of the
PORTFOLIO û'ERMANYûûANDû&INLANDûû
/FlCESûMAKEûUPû ûINDUSTRIALûûANDû
retail 23.6%.
There are six tranches on offer. Morgan
Stanley is loan seller, arranger and sole lead.
The new deal joins COLD FINANCE in the
#-"3ûPIPELINEû"ROUGHTûBYû'OLDMANû3ACHS û
it securitises a loan to Lineage Logistics
backed by UK cold storage warehouses.!ûSITEûVISITûWASûSCHEDULEDûFORû&RIDAY ûANDû
pricing is expected next week.REFI PLANNED FOR STRATFORD CMBSBNP Paribas and HSBC have been appointed
TOûEXPLOREûPOTENTIALûRElNANCINGûOPERATIONSû
FORû5+ûSHOPPINGûCENTREû#-"3ûWESTFIELD
STRATFORD CITY FINANCE.
4HEûDEALûWASûSOLDûINû/CTOBERû ûPRICINGû
aMû4RIPLEû!ûBONDSûATûBPûOVERû,IBORû
4HEûNOTESûAREûBACKEDûBYûAûlVE
YEARûSINGLE
property loan, and reach expected maturity
in November 2019. Legal maturity is
.OVEMBERûDUTCH RMBS GREEN APPLE ANNOUNCEDARGENTA SPAARBANKûANNOUNCEDû$UTCHû2-"3û
GREEN APPLE 2019-1 NHG last week, through joint
leads ABN AMRO and Societe Generale.
4HEûDEALûWILLûOFFERûAû
YEARû4RIPLEû!û
tranche making up 88% of the capital
structure, backed by a portfolio holding
õMû.('ûMORTGAGESNEW ASSET–BACKED SUMMARY DETAILS: WEEK ENDING 7/6/2019
Issuer Amount (m) WAL Coupon (%) Bookrunner(s) Rating Asset type
ALLYA 2019–2 US$341.05 1.08 2.340 DB/Citigroup/BAML NR/AAA/AAA ABS
ALLYA 2019–2 US$341.05 2.40 2.230 DB/Citigroup/BAML NR/AAA/AAA ABS
ALLYA 2019–2 US$76.2 3.53 2.260 DB/Citigroup/BAML NR/AAA/AAA ABS
AMCAR 2019–2 US$153 0.20 2.524 Barc/BNPP/GS/Wells Fargo P1/NR/F–1+ ABS
AMCAR 2019–2 US$180.92 0.90 2.430 Barc/BNPP/GS/Wells Fargo Aaa/NR/AAA ABS
AMCAR 2019–2 US$65 0.90 1mUSL+28bp Barc/BNPP/GS/Wells Fargo Aaa/NR/AAA ABS
AMCAR 2019–2 US$182.6 2.09 2.280 Barc/BNPP/GS/Wells Fargo Aaa/NR/AAA ABS
AMCAR 2019–2 US$63.12 2.92 2.540 Barc/BNPP/GS/Wells Fargo Aa2/NR/AA ABS
AMCAR 2019–2 US$78.35 3.50 2.740 Barc/BNPP/GS/Wells Fargo A2/NR/A ABS
AMCAR 2019–2 US$77.04 3.99 2.990 Barc/BNPP/GS/Wells Fargo Baa2/NR/BBB ABS
Benefit St Partners CLO XVII US$310 7.02 1mUSL+138bp Wells Fargo Aaa/AAA/NR CLO
Benefit St Partners CLO XVII US$10 8.80 1mUSL+160bp Wells Fargo Aaa/NR/NR CLO
Benefit St Partners CLO XVII US$51 8.91 1mUSL+185bp Wells Fargo NR/AA/NR CLO
Benefit St Partners CLO XVII US$39 9.18 1mUSL+245bp Wells Fargo NR/A/NR CLO
Benefit St Partners CLO XVII US$16.25 9.55 1mUSL+660bp Wells Fargo NR/BB–/NR CLO
Benefit St Partners CLO XVII US$30 9.40 1mUSL+360bp Wells Fargo NR/BBB–/NR CLO
Bowbell No2 Plc £350 2.50 3mSONIA+83bp BAML/Lloyds Aaa/NR/AAA RMBS
COMM 2019–521F US$108.585 4.99 1mUSL+90bp DB Securities NR/AAA/NR CMBS
COMM 2019–521F US$24.13 4.99 1mUSL+110bp DB Securities NR/AA–/NR CMBS
COMM 2019–521F US$18.107 4.99 1mUSL+130bp DB Securities NR/A–/NR CMBS
COMM 2019–521F US$22.192 4.99 1mUSL+155bp DB Securities NR/BBB–/NR CMBS
COMM 2019–521F US$30.172 4.99 1mUSL+200bp DB Securities NR/BB–/NR CMBS
COMM 2019–521F US$26.714 4.99 1mUSL+245bp DB Securities NR/B–/NR CMBS
ELM CLO 2014–1 US$319 – 3mUSL+117bp Citigroup NR/AAA/NR CLO
ELM CLO 2014–1 US$55.25 – 3mUSL+175bp Citigroup NR/AA/NR CLO
ELM CLO 2014–1 US$35.25 – 3mUSL+235bp Citigroup NR/A/NR CLO
ELM CLO 2014–1 US$2.11 – 3mUSL+325bp Citigroup NR/BBB–/NR CLO
ELM CLO 2014–1 US$26.14 – 5.145 Citigroup NR/BBB–/NR CLO
ELM CLO 2014–1 US$18.5 – 3mUSL+650bp Citigroup NR/BB–/NR CLO
Fair Oaks Loan Funding I DAC €2 1.20 3mE+45bp DB Aaa/NR/AAA CLO
Fair Oaks Loan Funding I DAC €133.320 3.60 3mE+96bp DB Aaa/NR/AAA CLO
Fair Oaks Loan Funding I DAC €68.180 3.60 3mE+98bp DB Aaa/NR/AAA CLO
Fair Oaks Loan Funding I DAC €34.100 5.60 3mE+185bp DB Aa2/NR/AA CLO
Fair Oaks Loan Funding I DAC €19 6.10 3mE+260bp DB A2/NR/A CLO
Fair Oaks Loan Funding I DAC €21.6 6.30 3mE+375bp DB Baa3/NR/BB– CLO