Unfunded protection has historically been focused on capital relief trade senior mezzanine exposures, but Bank of Ireland Group (BOIG) debuted a pari passu unfunded tranche alongside a funded junior mezzanine tranche in its €265m Vale 2019-1 deal from December 2019.
The transaction also facilitated the refinancing of 2016’s Grattan Securities, which had reached the end of its replenishment period. As such, this ground-breaking transaction is awarded SCI’s CRT Innovation of the Year.
Vale 2019-1 references a €2bn portfolio of predominantly Irish and UK corporate banking loans. Bank of Ireland and Mizuho were joint arrangers on the deal, with Mizuho acting as sole lead manager.
Read more about the ground-breaking transaction and the Vale Structure
