3CIF and AIB: a tale of two bonds

This article has five comments: Securitisation was blamed for causing the financial crisis that was triggered in 2007. But the technique must now be recognised for its potential to resuscitate fragile banks. There was a startling contrast in the market last week between two European issuers, 3CIF and Allied Irish Banks. At the very point that 3CIF was falling from grace, AIB glided, phoenix-like, back into the capital markets.