IL&P raise €1.5bn in securitisation

Irish Life & Permanent has raised more than €1.5bn in a major securitisation of the mortgage book of its UK subsidiary, Capital Home Loans (CHL).

The securitisation is the largest ever undertaken by the Group.

Group Finance Director Peter Fitzpatrick said demand for the issue from Irish and European investors had significantly exceeded expectations.

"The strength of the demand for the bond has enabled us to exceed our pricing expectations and has made this the most successful securitisation yet undertaken by the Group," said Fitzpatrick.

The proceeds of the issue are to be used to fund future lending at CHL.

CHL is a wholly-owned subsidiary of Irish Life & Permanent. It specialises in providing mortgage finance for the buy-to-let market in the UK.