Press Release: Dilosk Raises €441 Million Through Milestone 12th Residential Mortgage Securitisation
Dilosk Raises €441 Million Through Milestone 12th Residential Mortgage Securitisation
Dublin, Ireland: Dilosk DAC, trading as ICS Mortgages, has successfully completed its 12th public residential mortgage-backed securitisation (RMBS), raising €441 million through the issuance of bonds backed by owner-occupier residential mortgages originated by ICS Mortgages. Since launching its securitisation programme [in 2015], Dilosk has raised approximately €3.7 billion through the international capital markets, establishing one of the most active and established residential mortgage securitisation platforms in Ireland.
The transaction, issued by Dilosk RMBS No.12 (STS) DAC, attracted strong demand from institutional investors across Europe and was significantly oversubscribed, reflecting continued confidence in Dilosk, the ICS Mortgages platform and the quality of the underlying mortgage portfolio. The successful transaction highlights the strength of the Dilosk securitisation platform and its longstanding access to institutional capital.
The transaction consisted of six classes of rated notes and was placed with a broad range of institutional investors. The notes are rated by Fitch and DBRS Morningstar, carry ratings ranging from AAA to BB- and are listed on Euronext Dublin.
This 12th issuance further reinforces Dilosk’ s position as one of Ireland's leading non-bank mortgage lenders and represents one of the largest transactions completed from the Dilosk securitisation platform to date. The €441 million raised provides long-term funding to support future mortgage lending.
The underlying mortgage portfolio continues to demonstrate strong credit quality, characterised by low loan-to-value and debt-to-income ratios. These characteristics reflect Dilosk's disciplined underwriting standards and prudent approach to risk management.
Fergal McGrath, Co-Founder and CEO of Dilosk, commented:
"The successful completion of our 12th public securitisation transaction is a significant achievement and demonstrates the continued confidence investors have in Dilosk, our mortgage platform and our long-term growth strategy. The transaction further enhances our diversified funding platform and positions us well for future growth. It also follows the recent receipt of CCPC clearance for the proposed sale of Dilosk to Pepper Advantage, an important strategic step that, subject to completion, would support the continued development of one of Ireland's leading non-bank lending platforms."
ENDS