Depfa launches first Irish ACS in $ market
by Hardeep Dhillon
Depfa ACS Bank, the Irish unit of German bank Depfa Bank, took advantage last month of the malaise in the US agency market by launching the first dollar-denominated Irish asset-covered security – a $1.5 billion, five-year global deal.
“We took profit out of the agency story. This transaction is a safer bet than debt from Fannie Mae or Freddie Mac,” says Wally Hoefer-Neder (above), global head of capital markets at Depfa in Frankfurt, Germany. “The market likes to deal with facts, not with
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