Start Mortgages Limited (Star) has announced the successful close of its €525 million mortgage backed securitisation.
This transaction is the second securitisation backed by residential mortgages, originated by Start. It is also the second securitisation of non-conforming residential mortgages in Ireland. This follows a very successful securitisation in April 2006 In which €370 closed. All classes of notes were oversubscribed and pricing levels achieved were either on or inside guidance.
Deidre Barry, Head of Treasury at Start said, “We are extremely pleased with the pricing and subscription levels which, despite busy market conditions, exceeded our expectations. Our business partners in this program, Barclays Capital, did an excellent job in attracting both traditional investors and new investors. We look forward to continuing to build the program in the future”
Start Mortgages, a subsidiary of Kensington Mortgages Plc, is the leading provider of Specialist mortgage solutions in Ireland. It has provided mortgages to over 5,000 customers and has completed in excess of €1 billion in mortgage business since inception in November 2004.