Tuesday 27 September 2016

Permanent TSB planning to borrow €690m in bond debt backed by Irish home loans

Published 16/09/2016 | 11:29

Permanent TSB. Photo: Collins
Permanent TSB. Photo: Collins

Permanent TSB is planning to borrow €690m in bond debt backed by Irish home loans.

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The bank has mandated Morgan Stanley as sole arranger for the transaction with Citibank, Deutsche Band acting as joint lead managers.

The banks have organised a road show where the bonds will be marketed to potential investors.

The new bonds will be backed by a bundle of performing Irish home loans, none of which is more than one month in arrears. The home loans behind the bond are low risk, all are owner occupier loans and the average loan to value ratio is 60pc.

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