Dilosk DAC successfully prices €215 million third Public Bond Securitisation
Irish non-bank lender, Dilosk DAC, has announced that it has successfully priced its third public bond issuance which is backed by its own originated Buy-to-Let performing Irish residential mortgages. The investor demand was particularly strong, and the deal was oversubscribed with approximately €700 million of investor demand for €215 million of bonds.
The transaction consists of 5 classes of bonds which were placed with 18 institutional investors. The bonds were issued by Dilosk RMBS No.3 DAC and are rated by Standard & Poor’s and DBRS rating agencies. The bonds are rated from AAA to CCC and are listed on the Irish Stock Exchange, trading as Euronext Dublin. NatWest Markets acted as sole arranger and NatWest Markets and Citi were joint lead managers for the transaction.
According to Fergal McGrath, Dilosk’s Co-Founder & CEO “This transaction represents another significant milestone for Dilosk. Although this is our third public deal, this transaction is particularly pleasing and strategic for Dilosk as the bonds are backed by our own originated Buy-To-Let mortgages. Furthermore, this is the first own originated 100% performing Buy-to-Let securitisation to be done in Ireland. The level of interest among International Investors was very significant, represented by an initial level of over-subscription of 3.3 times. This strong interest is an endorsement of our ICS Mortgages origination platform and the quality of our Buy-to-Let products. Since 2015, we have now raised €700 million through three transactions in the international capital markets”
Joan Gleeson, Head of Marketing and Communications, Dilosk
Tel: +353 (0)86 2468350