The report can be found at this: link

The first half of 2006 saw a 34 per cent increase in the number of debt securities listing on the Irish Stock Exchange, compared with the same period in 2005.

New structured credit operation has been established in Dublin.

REO’s €375 million commercial mortgage backed securitisation (CMBS) in February of this year may represent a point of new departure for the Irish securitisation market, HUGH BEATTIE writes, as the transaction overcame many obstacles to become Ireland’s first ‘whole business’ securitisation.

Statistics on Tier 1 eligible assets from the Central Bank show that ‘other securitised assets’, including MBS, CLOs, and CDOs, accounted for €17.4 billion, or 26 per cent of the total Tier 1 issuance outstanding of €66.13 billion, as of Q3 2004, second only to the bond category, which had €31.41 outstanding. And with 70 issues (39 through Irish based SPVs), asset backed securities are the most important Tier 1 category by number of issues. DAVID DORAN and DIARMUID MURPHY examine these statistics.

Irish-based financial institutions have invested up to €100 billion in asset-backed securities (ABS) according to a survey undertaken by new group, the Irish Securitisation Forum. The ISF, is a representative organisation for both investors in asset-backed securities and the service providers – stockbrokers and legal, accounting and taxation advisers.

Ireland’s funds sector is set to play a greater role in the continuing development of the securitisation sector, with the different regulatory platforms presenting an opportunity for funds to become more involved in the sector.

The Third Annual Finance Dublin International Securitisation Conference was held on November 30th at Dublin Castle. Delegates heard presentations on a number of topics across the sector including investment perspectives, Basel II, IFRS, CDO performance, and SPV domiciliation/listing.

Scotia Capital’s Dublin based equity and credit derivatives operation is to become the European centre for credit and equity derivatives in charge of all structuring / sales in Europe and Asia for the global capital markets group. Pictured is the Dublin team (l-r): Guy Huntrods, Nick Kibblewhite, Mark Cameron, Matt Giffen, Sam Shiu, Mike Fortier, David McNamara and Doran Chernichen.

Opusalpha Funding Limited, the partially supported hybrid conduit sponsored by Helaba, issued its second asset backed commercial paper (ABCP) in March 2004 under the Opusalpha programme.

With growth in the European structured finance industry expected to be in the range of between 15-20 per cent over the next five years, and Dublin increasing in prominence as a securitisation centre, JP Morgan Institutional Trust Services expects to leverage on this, and continue to increase its market share and boost employment to 70 by 2005.

Avoca Capital, the Dublin based collateral manager, is getting ready to launch its debut collateralised debt obligation (CDO). Deutsche Bank has begun marketing the €300 million CDO for Avoca.

Zais Group Investment Advisors, the Dublin-based collateral manager, has launched a €287.5 million arbitrage collateralised debt obligation (CDO) of asset-backed securities (ABS), Euro Zing II BV. JP Morgan closed the deal for Zais in early August.

Helaba Dublin, Landesbank Hessen-Thuringen International, has launched its first conduit, Opusalpha Funding Ltd, which will issue commercial paper (CP) of up to €3 billion in both euro and other currencies. A conduit is an entity formed to hold receivables transferred by an originator on behalf of investors and which can issue asset-backed commercial paper.

For the latest ABS listings please click here.

Changes to Section 110, which outlines the tax framework for securitisation, were announced as expected in the Finance Bill 2003, published on February 7th.

Dublin-based Harbourmaster Capital is to launch a €1 billion synthetic collateralised debt obligation (CDO) of triple-A asset backed securities.

In the first non mortgage backed securitisation in the Irish market, Friends First have securitised part of its motor and consumer loan book in a deal worth E250 million.

Since establishing its Irish operations in 2001, GMAC Commercial Mortgage Europe, a fully owned subsidiary of General Motors, has provided a diverse range of products. In this company profile, BARRY ALAN MOORE details what services the Dublin and Mullingar offices provide, and what the future holds for the group, who aim to become a leading player in the European securitisation market.

Since establishing its specialist credit and equity derivative department in Dublin last year, Scotia Capital has gone from strength to strength writes MATT GIFFEN.