Ireland
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Allied Irish Banks was met with a strong response for an additional tier one (AT1) in the euro market on Wednesday, just a month after its national peer Bank of Ireland had to pull a subordinated bond amid fears about the impact of the UK’s departure from the EU. -
AIB Group is set to sell a new additional tier one (AT1) with a six month call period ahead of the first payment reset date. This feature was pioneered by Nationwide Building Society, and looks as though it could become the norm in the AT1 market.
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AIB Group has become the first bank in Ireland to develop a green bond framework and has mandated ING for a roadshow to promote it. The framework aims to support lending for energy-efficient buildings and other projects that promote the transition to a low carbon economy.
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Permanent TSB raised €300m with its first senior issuance for the minimum requirements for own funds and eligible liabilities (MREL) on Thursday, arriving in the market two weeks after its peer Bank of Ireland had to pull a deal because of Brexit-induced volatility.
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Ireland has extended its curve out to 2119 by placing its second century bond, three years after it sold its first in the tenor. Century and ultra-long dated bonds have seen a resurgence of interest this year as issuers look to lock in low interest rates at long dated maturities.
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Bank of Ireland was unable to complete the sale of a tier two transaction this week, after the UK Parliament descended in chaos. Bond buyers have by and large taken a pragmatic approach during Brexit negotiations, but market participants said that on this occasion the Irish issuer had “misjudged” how nervous investors were, writes David Freitas.
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Beazley Insurance dac eschewed the sterling market to raise $300m of tier two capital in the dollar market this week, ending up with a trade that was four times subscribed by Reg S investors.
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Bank of Ireland abandoned plans for a new €300m tier two on Tuesday after struggling to build much enthusiasm around the transaction. Market participants said the Irish lender had fallen victim to growing fears of a ‘no deal’ Brexit.
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Two near-investment grade industrials made a splash in the high yield bond market on Monday, with both Smurfit Kappa and Thyssenkrupp getting their order books oversubscribed multiple times.
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Irish government bonds are unlikely to come under severe pressure in the event of a no-deal Brexit according to analysts, which would result in the UK leaving the European Union without a withdrawal agreement and the creation of a hard border in Ireland.
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