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Dilosk plans mortgage offer changes following bond sale

Dilosk has raised €1.1 billion in bond issuances since April 2023
Dilosk has raised €1.1 billion in bond issuances since April 2023

Dilosk DAC, which trades as ICS Mortgages, plans to announce changes to its owner-occupier mortgage products following its latest bond sale.

The lender today sold €400m worth of bonds, rated from 'AAA' to 'B', to 26 institutional investors.

It said the sale was "significantly oversubscribed", receiving offers worth nearly €1 billion.

Dilosk has raised €1.1 billion in funding through bond sales in the past 10 months.

In an April 2023 sale it raised €500m, followed by a further €200m fund-raising in June.

However the lender has also made a number of interest rate hikes since late 2022.

In August it raised its owner-occupier variable rates to between 6.25% and 6.4%, depending on the customer's loan-to-value ratio.

In its statement today Dilosk said, following today's fund-raising, it would announce "several exciting enhancements" to its owner-occupier product range as it sought to grow its mortgage business in the country.

"We are delighted to issue our eighth public transaction and continue to build on our strong position in the Irish securitisation market," said Dilosk co-founder and CEO Fergal McGrath. "The deal orderbook was granular with a wide variety of investors including local bank treasury investors."