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Davy Research

permanent tsb Group

Inaugural MREL issue well received

Sep 20 2019, 08:30 IST/BST
Stephen Lyons
Diarmaid Sheridan
Company Report
5 page(s)

Sectors : Banks

Companies : permanent tsb Group

Ratings and price correct at time of issue.

permanent tsb Group

Closing Price: 116c
RATING 06/03/19
NEUTRAL
PREVIOUS RATING 01/08/18

OUTPERFORM

Person's Name

Diarmaid Sheridan

Analyst

DAVY VIEW

On September 19th, PTSB completed its first senior non-preferred (SNP) MREL bond at pricing that compares favourably with our forecasts. Strong investor demand helped to tighten final pricing and bodes well for further MREL issue towards achieving its target of €1bn of issuance by 2021.

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Sep 20 2019, 08:30 IST/BST