RMBS
The market-leading Arthur Cox mortgage finance practice advises originators and sponsors (including domestic banks, non-bank lenders and loan portfolio buyers), arrangers, dealers, servicers, trustees and issuers on RMBS and covered bond transactions and associated tax and regulatory issues.
We have been at the forefront of the Irish securitisation market since the beginning, acting on the first ever mortgage securitisation in Ireland and on Ireland’s first ‘STS’ RMBS under the EU Securitisation Regulation. We have advised on almost all Irish RMBS deals – our clients include issuers, arrangers, investors and trustees.
We regularly advise on the establishment of Irish securitisation vehicles for use in bespoke (performing, non-performing and re-performing) portfolio acquisition and financing structures, warehouse financing (borrower and lender-side) and RMBS issuances.
Our team has particular expertise in EU Securitisation Regulation, credit servicing and Eurosystem eligibility matters. We are dealers’ counsel on all Irish covered bond programmes (for AIB, Bank of Ireland and EBS). Arthur Cox Listing Services has acted as listing agent on a number of RMBS transactions (including for AIB, Goldman Sachs International, Morgan Stanley and Lone Star).
"The partners and associates are individually excellent and combine their experience to provide the best possible service for their clients. They have a deep understanding of all macro factors relevant to capital markets which makes them our go to advisers. They are a pleasure to work with, always responsive and attentive."
The Legal 500, 2023
NOTABLE TRANSACTIONS INCLUDE:
On the issuer/sponsor side:
- Advising AIB, EBS and Haven on notes issuances by Burlington Mortgages No. 1 DAC (this Irish law transaction was Ireland’s first ‘STS’ RMBS) and Burlington Mortgages No. 2 DAC (also an ‘STS’ RMBS).
- Advising Apollo on the acquisition of an NPL portfolio from AIB, and the securitisation of that portfolio by Portman Square 2021-NPL1 DAC.
- Advising CarVal on the acquisition of an NPL portfolio from Ulster Bank, and securitisation of that portfolio by Rathlin Residential 2021-1 DAC.
- Advising Goldman Sachs International on a notes issuance by Strandhill RMBS DAC.
- Advising Morgan Stanley on all of its Irish RMBS issuances, including notes issuances by Shamrock Residential 2023-1 DAC, Warrington Residential 2022-1 DAC (backed by a portfolio of NPLs), Primrose Residential 2022-1 DAC, Shamrock Residential 2022-1 DAC, Shamrock Residential 2019-1 DAC and Jepson Residential 2019-1 DAC.
- Advising Lone Star on all of its Irish RMBS transactions (performing and non-performing).
- Advising Barclays as originator, and the issuer, on separate notes issuances by Summerhill Residential 2021-1 DAC and Jamestown Residential 2021-1 DAC.
- Advising Citi as originator, and the issuer, on separate notes issuances by Glenbeigh 2 Issuer DAC and Glenbeigh 2 Issuer 2021-2 DAC.
On the investor side:
- Advising M&G as seller, option holder and retention holder on the issuance of notes by Mulcair Securities No.3 DAC, backed by a portfolio of loans originated by Bank of Ireland.
- Advising an investor (and the trustee) on Bank of Ireland’s issuance by Mulcair Securities No.2 DAC.
- Advising M&G as option holder on Finance Ireland’s inaugural RMBS, which was awarded the GlobalCapital European Securitisation Awards RMBS of the Year and Finance Dublin RMBS of the Year 2020 and all subsequent RMBS transactions (no. 2 – 5). These were all ‘STS’ transactions.
- Advising an investor (and the trustee) on Bank of Ireland’s notes issuance by Mulcair Securities DAC.
Covered Bonds
- Advising the dealers on the Bank of Ireland Mortgage Bank ACS covered bond programme and all syndicated issuances under the programme.
- Advising the dealers on the AIB Mortgage Bank ACS covered bond programme and all syndicated issuances under the programme.
- Advising the dealers on the EBS Mortgage Finance ACS covered bond programme and all syndicated issuances under the programme.
On the arranger side:
- Advising JP Morgan as arranger of an NPL-backed notice issuance by PRPM Lagado 2022-1 DAC.
- Advising Goldman Sachs as arranger of an RPL-backed notes issuance by Kinbane 2022-RPL1 DAC.
- Advising Barclays as arranger and sponsor of the ‘Porto’ securitisations, including notes issuances by Fingal Securities RMBS DAC, Roundstone Securities No.1 DAC and Dublin Bay Securities 2018-1 DAC.
- Advising Natixis as arranger of Dilosk RMBS transactions involving notes issuances by Dilosk RMBS No. 4 DAC, Dilosk RMBS No.5 DAC and Dilosk RMBS No.6 (STS) DAC.
- Advising NatWest Markets as arranger of Dilosk RMBS transactions involving notes issuances by Dilosk RMBS No.3 DAC (Project Clover) and Dilosk RMBS No.2 DAC (Project Merrion).
- Advising BNP Paribas as arranger of an RMBS involving a notes issuance by Fastnet Securities 18 DAC, backed by loans originated by Permanent TSB.
- Advising Morgan Stanley as arranger of Permanent TSB RMBS transactions involving notes issuances by Fastnet Securities 16 DAC and Fastnet Securities 17 DAC.
- Advising Citi as arranger of Permanent TSB RMBS transactions involving notes issuances by Glenbeigh Securities 2018-1 DAC, Fastnet Securities 15 DAC and Fastnet Securities 14 DAC. A separate team advised the trustee on each Fastnet transaction
- Advising NatWest Markets on securitisations of loans originated by Ulster Bank.
