Irish legislators' recent overhaul of the country's securitization framework, designed to make Ireland a first-choice location for onshore special purpose vehicles (SPVs), is paying off. Last month the Bank of Ireland closed the first collateralized debt obligation (CDO) using an Irish special purpose vehicle, the €409 million Partholon CDO. The offering, backed by a diversified portfolio of secured and mezzanine leveraged loans, is expected to be the first in a series issued by the bank as it looks to expand its leveraged finance business.
November 01 2003