Deals
Barclays Is Said to Plan Sale of Irish Mortgages to M&G, Pimco
- Barclays to hold about 5% of notes in loan securitization
- Sale is final stage in Lloyds’s decade-long exit from Ireland
Photographer: Aidan Crawley/Bloomberg
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Barclays Plc plans to sell notes to M&G Prudential and Pacific Investment Management Co. in a securitization of 4.3 billion pounds ($5.8 billion) of Irish residential mortgages, according to people with knowledge of the matter.
Barclays will probably hold about 5 percent of the notes, the minimum required to meet so-called skin-in-the-game rules, said the people, who asked not to be identified because the matter is confidential. Barclays acquired the loans from Lloyds Banking Group Plc in a deal announced earlier Friday. The bank’s capital won’t be affected, a Barclays’ spokesman said, without providing more detail.