Bank of Ireland tenders for up to €1bn of RMBS in potential capital-generating move
Bank of Ireland has launched a tender for RMBS notes from Kildare Securities and Brunel No 1, which could see the troubled Irish lender book an immediate capital gain. It said it would not call either deal at the early redemption dates in Spring next year but simply allowing the bonds to run off does not add an immediate capital kicker.
Trading picked up following the announcement, with senior notes trading one or two points up, and junior notes two or three points up. Volumes also improved in common with most Irish RMBS since the crisis, volumes have been light, particularly at the bottom of the capital stack.Both ...
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