Eircom expected to breach covenants and restructure

Irish telecoms company Eircom slipped one step closer to default today, when Moody’s lowered its corporate family rating on its parent ERC Ireland Finance from Caa1 to Caa2 and cut its probability of default rating from Caa2 to Caa3.

  • 01 Jun 2011

“For distressed investors, Eircom is the story of the week,” said a high yield investor in London.

Eircom’s fate has become ever more tortured since the former state telecoms monopoly was privatised in the late 1990s. It has struggled in the new competitive environment, being undercut by cheaper ...

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All Corporate Bonds

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4 Goldman Sachs 94,228.53 399 4.64%
5 Barclays 90,141.66 399 4.44%

Bookrunners of Euro Denominated Corporate IG Bonds

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1 BNP Paribas 25,083.00 115 8.90%
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4 HSBC 17,232.34 78 6.12%
5 SG Corporate & Investment Banking 15,959.24 87 5.66%

Bookrunners of European HY Bonds

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1 JPMorgan 5,988.32 51 7.65%
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5 Barclays 4,263.74 37 5.45%

Bookrunners of Dollar Denominated HY Bonds

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1 JPMorgan 29,958.08 234 10.56%
2 Citi 23,883.44 190 8.42%
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4 Goldman Sachs 20,887.87 148 7.36%
5 Barclays 19,256.47 129 6.79%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Deutsche Bank 24,326.03 83 6.51%
2 Barclays 24,105.87 106 6.45%
3 HSBC 24,045.43 109 6.43%
4 BNP Paribas 23,527.75 114 6.29%
5 Citi 20,737.97 88 5.55%