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
to run the books, but they were able to draw only €340m of demand
Please take a trial or subscribe to access this content.
Contact our subscriptions team to discuss your access: firstname.lastname@example.org
Or sign up for a trial to gain full access to the entire site for a limited period.
To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: email@example.com or find out more online here.