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May 15 2020, 08:40 IST/BST
Bank of Ireland
AT1 issue is a strong signal of support from credit market
- Sectors : Banks
- Companies : Bank of Ireland
DAVY VIEW
We view Bank of Ireland’s (BOI) ability to reopen the European AT1 issuance market as a strong statement of support from the credit market and it further highlights the recent divergency between equity and credit market sentiment. The deal itself provides a more efficient capital structure and enhances the prospects of further issuance and sub-debt refinancing across the Irish banking sector. Additional subordinated issuance will allow the sector to reduce its regulatory CET1 requirements through regulatory change to the P2R buffer.
