Eircom expected to breach covenants and restructure

Irish telecoms company Eircom slipped one step closer to default today, when Moody’s lowered its corporate family rating on its parent ERC Ireland Finance from Caa1 to Caa2 and cut its probability of default rating from Caa2 to Caa3.

  • 01 Jun 2011

“For distressed investors, Eircom is the story of the week,” said a high yield investor in London.

Eircom’s fate has become ever more tortured since the former state telecoms monopoly was privatised in the late 1990s. It has struggled in the new competitive environment, being undercut by cheaper ...

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All Corporate Bonds

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5 BNP Paribas 4,712.84 24 4.98%

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5 ING 1,477.05 5 6.44%

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4 JPMorgan 1,388.05 13 6.85%
5 Morgan Stanley 1,381.20 11 6.82%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 BNP Paribas 2,459.18 9 9.92%
2 UniCredit 1,892.23 6 7.63%
3 Bank of America Merrill Lynch 1,585.30 5 6.39%
4 Mitsubishi UFJ Financial Group 1,577.41 6 6.36%
5 ING 1,477.05 5 5.96%