BoI Coco placement signals Irish recovery

11 Jan 2013

Bank of Ireland added weight to the country’s status as Europe’s poster-boy for recovery on Wednesday, when it completed a re-marketing of the contingent capital notes it sold to the government after 2011’s bailout. The success of the deal marks the latest point in the issuer’s rehabilitation with international investors, and could open the door for senior unsecured issuance, said bankers.

The secondary placement, in which the government offloaded its €1bn investment into the public markets, came just after Ireland’s first post-bailout sovereign bond issue, and was said to be testament to the country’s rigorous adherence to the terms of its rescue package.

But the placement’s success also owes ...

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