Irish mortgage lender First Active returned to the market recently, with the third issue from the First Flexible vehicle. The GBP500 million ($721.9 million) transaction securitizes a portfolio of flexible mortgages originated by the company. Flexible mortgages allow borrowers to redraw amounts on the loan that have been paid in excess of scheduled payments.

J.P. Morgan, as with the first two First Flexible deals, acted as lead manager, with Barclays Capital, Nomura and Merrill Lynch brought in as lead manager for the triple-A rated notes.

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