Ireland

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.

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.

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.

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.

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.

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.

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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Ireland’s Keywords Studios has signed a new revolving credit facility of up to €140m, increasing its bank line as the video games studio remains on the hunt for acquisitions.

Unipharm, the Irish healthcare services company, has managed to successfully price its €136m IPO in London and Dublin, despite price sensitivity among investors leading to the cancellation of two significant IPOs last week.

Bank of Ireland (BoI) launched a senior bond through its holding company on Monday. The five year non-call four notes drew a large subscription level in the FIG market, almost six times their final size of €600m.

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