permanent tsb has successfully raised €500 million of five-year debt at a cost of approximately 0.25%.
The debt was raised through a securitization of residential mortgage backed securities (through Fastnet Securities 12). The offer was oversubscribed by approximately 2.5 times and priced at 3 month Euribor + 55bps (equivalent to 0.25%).
Speaking today, Interim Group Treasurer Declan Dolan said that the offer had met an extremely positive market reaction;
This is the first public RMBS sale undertaken by the Group in almost 3 years and is another very significant step in re-shaping the Group's Balance Sheet. We have raised €500 million of 5-year funding at an equivalent rate of approximately .25%. This will improve the Group's Liquidity and Capital regulatory ratios and will also support planned mortgage lending growth.