Irish bank recapitalisations tensions escalate
With CDS on Allied Irish Banks due to be triggered on another, more stringent, criteria, and Bank of Ireland bondholders filing a legal dispute against its liability management offer, tensions are rising over Irish banks’ debt-based recapitalisation efforts.
An International Swaps and Derivatives Associations (ISDA) determinations committee was asked on Monday to consider whether a failure to pay credit event has occurred at the bank, after it did not make a coupon payment due on June 6 of a £700m 2023 security.
Last week the committee
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