Bank of Ireland reopens AT1 market with wall-crossed trade

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By David Freitas, Tyler Davies
14 May 2020

Bank of Ireland this week issued the first additional tier one (AT1) capital instrument since the start of the coronavirus pandemic, minimising the execution risk by borrowing from the ECM playbook and wall-crossing the deal ahead of launch.

The Irish issuer (Baa2/BBB-/BBB) sold a €675m perpetual non-call 5.5 year AT1 at a coupon rate of 7.5%.

Investors ended up placing about €1.4bn of orders on Thursday, but it already had more than €625m in indications of interest at the 7.5% pricing level after a wall-crossing ...

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