KBRA upgrades Glen Securities notes after reviewing Irish mortgage securitisation
A surveillance review of Glen Securities Finance DAC leads to affirmed ratings for its Class A notes and upgrades for its Class B and Class C notes. The transaction is tied to an Irish residential mortgage portfolio that has amortised to €692.6 million from an initial balance of €1.4 billion.
Highlights
- KBRA upgrades Glen Securities Class B and C Credit Linked Notes and affirms Class A Notes after reviewing existing credit enhancement sufficiency.
- The Glen Securities transaction, comprising seasoned Irish residential mortgages originated by BOI Group entities, closes in October 2021 with legal final maturity in 2038.
- The mortgage pool amortised from €1.4 billion at origination to €692.6 million, supporting stronger credit protection and ratings as portfolio exposure declines.
Rating actions on Irish mortgage-linked notes
As reported by Kroll Bond Rating Agency, KBRA Europe says its review of Glen Securities Finance DAC finds that existing credit enhancement is sufficient to support the latest rating actions. The agency affirms the Class A Credit Linked Notes and upgrades the Class B and Class C Credit Linked Notes.Glen Securities is a partially funded synthetic securitisation of Irish residential mortgages. The Credit Linked Notes represent the funded portion of tranches referencing a notional portfolio of seasoned, first-lien performing and re-performing mortgage loans secured by owner-occupied and buy-to-let properties in Ireland.
Portfolio structure and transaction timeline
The mortgage pool was originated by The Governor and Company of the Bank of Ireland, Bank of Ireland Mortgage Bank and ICS Building Society, which are all part of the BOI Group. The transaction closes in October 2021 and carries a legal final maturity date of 28 October 2038.The portfolio starts with a balance of €1.4 billion and has since amortised to €692.6 million. The rating outcome points to continued support from the deal's credit protection structure as the underlying mortgage exposure declines over time.
In our earlier article on Morton Funding 2026-1 plc, we covered a static UK securitisation backed by Zopa-originated unsecured consumer loans and the range of expected note ratings across the capital structure. We also outlined the deal’s key credit protections, including performance triggers and the switch to sequential amortisation, and noted how higher defaults or lower recoveries could pressure ratings.
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