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The difficult market conditions of recent weeks boosted investors’ take-up in Bank of Ireland’s liability management exercise according to an official in the capital management team at the issuer. Overall, the participation in the exchange was 57%, in line with previous exercises conducted by the borrower.
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Debt investors are underpricing hybrid and subordinated instruments, according to Fitch. In a report published on Monday, Burden Sharing: Who pays next time?, the rating agency highlighted the convergence of spreads between senior and subordinated debt since the banking crisis.
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The difficult market conditions of recent weeks boosted investors’ take-up in Bank of Ireland’s liability management exercise according to an official in the capital management team at the issuer.
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Royal Bank of Scotland concluded the largest liability management exercise (based on the aggregate amount of targeted securities) ever undertaken by a European financial institution this week.
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Holders of Royal Bank of Scotland tier one dollar bonds tendered almost $4bn of the securities in the US leg of the bank’s liability management exercise, allowing it to reach its £1.25bn tier one-creating target said a treasury official at the borrower on Wednesday.
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With holders of its subordinated debt facing up to an imminent EU ban on coupon payments, Royal Bank of Scotland is close to having generated the £1.25bn of extra core tier one capital it is seeking as part of its latest liability management exercise, according to sources close to the deal. The non-US part of the exercise concluded this week with the UK bank retiring just over £2.25bn of upper tier two debt and just over £2bn of hybrid tier one debt at a discount to par.