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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.
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Bank of Ireland added weight to the country’s status as Europe’s poster-boy for recovery on Wednesday, when it completed a remarketing of the contingent capital notes it sold to the government after 2011’s bailout.
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KBC Bank’s non-dilutive contingent capital note, which is being issued as part of the issuer’s plan to repay government aid it received during the crisis, will be a crucial test for appetite for Cocos from lower rated issuers, said bankers on Thursday.
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At least €500m of Bank of Ireland high-trigger contingent capital notes are for sale, as the government takes advantage of strong demand for high yielding FIG products to offload some of its investment in the bank’s 2011 recapitalisation.
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Investors proved their appetite for high yielding paper on Tuesday, piling into subordinated issues from Standard Chartered Bank and Prudential plc. Demand for Standard Chartered’s tier two debt was so strong the bank added a 30 year tranche to its 10 year bond, taking $2.5bn out of the market altogether.
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EFG International has mandated for a two day roadshow in Switzerland next week, ahead of a possible Swiss franc deal. The bank is looking to raise money in Swiss francs to replace tier two debt likely to be taken out through a buyback offer.