Brexit stupefies investors as Bank of Ireland misjudges mood
Bank of Ireland was unable to complete the sale of a tier two transaction this week, after the UK Parliament descended in chaos. Bond buyers have by and large taken a pragmatic approach during Brexit negotiations, but market participants said that on this occasion the Irish issuer had “misjudged” how nervous investors were, writes David Freitas.
Bank of Ireland attracted only slightly more orders than the €300m it had wanted for its 10 year non-call five tier two bond on Tuesday.The issuer had hired Citi, Davy, Mizuho, Nomuraand UBSto run the books, but they were able to draw only €340m of demand ...
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