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 in some capacity on almost all Irish RMBS deals.
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).
"Arthur Cox has the excellent ability to handle complex and sophisticated matters in condensed time periods. The team has excellent knowledge and experience across all levels and offers incredible service levels and responsiveness to every matter."
Chambers Europe, 2024
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 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 Barclays as originator, and the issuer, on separate notes issuances by Roundstone Securities No. 2 DAC, Summerhill Residential 2021-1 DAC and Jamestown Residential 2021-1 DAC.
- Advising CarVal on the acquisition, financing and securitisation of various portfolios, including by Rathlin Residential 2021-1 DAC and Kinbane Residential 2024-RPL 1 DAC.
- Advising Apollo on the acquisition of an NPL portfolio from AIB, and the securitisation of that portfolio by Portman Square 2021-NPL1 DAC (subsequently refinanced by Portman Square 2023-NPII DAC).
- Advising Goldman Sachs International on a notes issuance by Strandhill RMBS DAC.
- Advising Lone Star on all of its Irish RMBS transactions (performing and non-performing).
- 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 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 – 6).
- 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 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 Morgan Stanley as arranger of Merrion Square Residential 2023-1 DAC.
- Advising Natixis as arranger of Dilosk RMBS transactions involving notes issuances by Dilosk RMBS No. 4 DAC, Dilosk RMBS No.5 DAC, Dilosk RMBS No.6 (STS) DAC, Dilosk RMBS No. 7 DAC and Dilosk RMBS No. 8 DAC.
- 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 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 the arrangers (including Citi, Morgan Stanley and BNP Paribas) and trustees of the Permanent TSB ‘Fastnet’ RMBS transactions.