First time issuer Anglo Irish Bank recently came to market with a successful GBP375 million ($531.4 million) commercial mortgage-backed securitization. Called Monument Securitisation No.1, the deal was backed by a pool of 130 mortgage loans on 337 properties from the bank's U.K. portfolio. Merrill Lynch acted as arranger and lead manager.

Just over half of the properties in the underlying pool are located in London and the South East of England, but there is fairly even distribution in England, Scotland and Wales for the remainder. The average loan to value of the loans is 71%, which is the same figure as the number of floating rate loans in the pool.

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