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Dilosk raises another €200m in latest bond sale

Dilosk said it saw strong demand from a wide range of investors for its seventh bond sale
Dilosk said it saw strong demand from a wide range of investors for its seventh bond sale

Specialist mortgage lender Dilosk, which trades as ICS Mortgages, raised €200m in its seventh public bond issuance.

Dilosk said this brings its total issuance to €2 billion since the lender was formed in 2013, adding that it saw strong demand from a wide range of investors.

The deal was collateralised by 100% prime Irish buy to let residential mortgages, it added.

The bonds sold are rated from "AAA" to "CCC" and are listed on the Irish Stock Exchange, trading as Euronext Dublin.

Fergal McGrath, Dilosk co-founder and chief executive, said the lender continues to build on the strong position it holds in the Irish Residential Mortgage Backed Securitisation market

"The investor response exceeded our expectations with all tranches significantly oversubscribed," he said.

"We would like to thank our investors, of which many are repeat investors, for their continued support. The transaction follows Dilosk's successful issuance of a €540m residential mortgage transaction backed by 100% prime Irish owner-occupied mortgages which was issued in April 2023," he added.

Natixis and Bank of America Securities Europe acted as Joint Arrangers and Joint Lead Managers for its latest sale.