Ireland has issued its first subprime RMBS, a 370 million ($447 million) Lansdowne Mortgage Securities transaction. Similar deals are expected on the horizon, Fitch Ratings analysts said.

The deal issued by Kensington Mortgages Irish subsidiary, Start Mortgages, has a provisional pool that includes 2,550 first-charge, owner-occupied loans with a 62.5% weighted average LTV - 25% of these are located in Dublin. The transaction is structured with both fast and slow pay senior notes alongside four subordinated tranches and an IO strip. The one-year fast pay tranche was sized at 75 million, and the 4.1-year senior tranche at 258 million.

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