Anglo Irish Bank Corp plc

  • 04 Feb 2005
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Rating: A2/A (Moody's/Fitch)
Amount: Eu600m
Maturity: 10 February 2010
Issue/re-offer price: 99.88
Coupon: three month Euribor plus 12.5bp
Spread at re-offer: Euribor plus 15bp
Launch date: Wednesday 2 February
Payment date: 10 February
Joint books: ABN Amro, Citigroup, WestLB

Borrower's comment:

We are delighted with the transaction, effectively achieving A1 pricing on the back of a very strong order book which provided a wide diversity of investors including smaller and medium size accounts such as regional banks in Germany and Spain.

Bookrunners' comment:

Anglo Irish Bank (A2/A Fitch), Ireland's third largest financial institution yesterday priced a Eu600m five year FRN.

Anglo Irish has not been to the euro denominated market, with a large public issue, for over a year. It is an issuer that regularly and actively conducts investor relations work. As such, its credit story is well known and understood by European investors.

The decision to tap a receptive market was taken early Tuesday morning, and Anglo Irish mandated ABN, Citigroup and WestLB to manage a five year FRN.

The order book was opened around lunchtime, with an initial price guidance of Euribor plus 16bp/17bp. Investors immediately subscribed for paper and the book exceeded Eu1bn within a couple of hours. At 3.15pm that day, the order book went subject, with a total of Eur2.2bn of demand.

Given the tremendous response, pricing was refined to Euribor plus 15bp/16bp. Around Eu2bn of orders were confirmed at Euribor plus 15bp, where the transaction was finally priced, for a total size of Eu600m. This proved to be Anglo Irish's largest senior issue to date.

There were some 120 different orders in the allocated book, spread across some 15 European countries, featuring many new investors. Geographically, Germany and the UK provided the backbone of the issue.

  • 04 Feb 2005

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