EBS places €1bn securities issue

Dublin: The EBS has successfully placed its debut €1bn mortgage covered securities issue executed through its subsidiary EBS Mortgage Finance. The issue was over-subscribed, attracting significant international participation with 71% of orders from outside of Ireland.

EBS will pay an annual coupon of 3.875% for the bond which is equivalent to 175bps over the three-year EUR mid swap rate.

The geographic spread of investors in the transaction was as follows: Ireland – 29%; Britain – 19%; Germany – 15%; Switzerland – 10%; Rest of Europe – 22%; Asia – 5%.