Irish, UK banks in spotlight as issuance wanes

The Irish banks are in focus again this week, as Allied Irish Banks found an 86% take up rate in its liability management exercise just days after the International Swaps and Derivatives Association ruled a restructuring event had taken place on the bonds. Meanwhile, the UK’s chancellor, George Osborne, is expected to support proposals to ring fence retail banking, raising concerns from some in the market over funding costs for the country’s banks.