May 19th 2020

Dilosk DAC Passes the €1 Billion mark for bond issuance with €319 million fourth Public Bond Securitisation

Irish specialist mortgage lender, Dilosk DAC, has announced that it has successfully priced its fourth public bond issuance which is backed by its own originated Buy-to-Let (BTL) and Owner-Occupier Irish residential mortgages.

The investor demand was particularly strong, and the deal was oversubscribed with over €850 million of investor demand for €319 million of bonds.

The transaction consists of six classes of bonds which were placed with 20 institutional investors and issued by Dilosk RMBS No.4 DAC. Five classes of bonds are rated from AAA to BB by Standard & Poor’s and DBRS rating agencies. The bonds are listed on the Irish Stock Exchange, trading as Euronext Dublin. Natixis acted as sole arranger and Natixis and Barclays were joint Lead Managers for the transaction.

According to Fergal McGrath, Dilosk’s Co-Founder & CEO “This transaction
represents another hugely positive milestone for Dilosk. Although this is our fourth public deal, this transaction has significant strategic relevance for Dilosk. It is our first public bond securitisation backed by our own Owner-Occupier mortgages and our second transaction where the bonds are backed by our own originated Buy-to-Let mortgages.
The level of interest amongst International Investors was very significant, represented
by an initial level of over-subscription of over 2.7 times. This strong interest is an endorsement of our ICS Mortgages origination platform and the quality of both our Buy-to-Let and Owner-Occupier mortgage products. Since 2015, we have now raised over €1 billion through four transactions in the international capital markets”

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