As ASRI went to press, the Bank of Ireland was about to become the latest Irish company to enter the MBS market, with a securitization of first and second residential mortgages.

Called Liberator Securities No.1, the E500 million ($473 million) transaction is backed by 7,828 mortgages originated by Bank of Ireland. Warburg Dillon Read is arranger and lead manager.

The outstanding balance on the loans is E572 million, with the average size of mortgage just over E74,000 and with an average loan-to-value of 66%. The mortgages are spread throughout the Republic of Ireland, with just over a third located in Dublin.

The credit enhancement for the senior tranche is provided by subordination of the B-notes of 4.75%, a cash reserve of 0.75% and any excess spread accrued on the bonds.

The E477 million senior notes were rated triple-A by Moody's Investor's Service and Fitch IBCA, while the E23 million subordinate tranche received an A2 rating from Moody's and an A-plus from Fitch.

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