IFLR1000

Project Glenbeigh – sale of €1.3 billion Permanent TSB non-performing residential mortgage loan portfolio

29/11/2018
Securitisation, Non-Performing Loan (NPL) portfolio sale
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Completed

29/11/2018

Overview:

  • Permanent TSB has sold a portfolio of NPLs worth €1.3 billion via securitisation.
  • The transaction was completed through a securitisation vehicle Glenbeigh Securites 2018 - 1 DAC.
  • Following the transfer, Pepper Finance Corporation will be the servicer and administrator of the portfolio.

Rajeeb Gurung - Researcher

Jurisdiction:

Ireland

Deal types:

Securitisation
Non-Performing Loan (NPL) portfolio sale

Practice areas:

Banking
Capital markets : Structured finance and securitisation

Industry sector:

Banking

Firms:
A&L Goodbody

Party: Permanent tsb (Seller)

Lawyer: Peter Walker

Arthur Cox

Party: Citibank Europe (Arranger)

Lawyers: Cormac Kissane, Robert Cain

Clifford Chance

Party: Permanent tsb (Seller)

Mason Hayes & Curran

Party: permanent tsb (Seller)

Simmons & Simmons

Party: Citibank Europe (Arranger)

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