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BoI clear to pursue gains on €750m debt pile
BANK of Ireland (BoI) is newly empowered to pursue gains on a €750m pile of debt after a so-called 'dividend stopper' clause expired earlier this week, analysts Davy's said last night.
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Both BoI and IL&P are battling to raise capital to bring their institutions in line with new regulatory demands from the Central Bank. BoI has raised €700m of the €2.2bn target it must hit by the end of February. IL&P must raise €100m for its group, and will have to raise another €925m under its plan to buy EBS. So far, BoI's efforts have focused on offering investors the chance to swap piles of risky debt for 'safer' debt with a lower face value.
The bank already booked a €700m gain by convincing investors with €1.4bn of risky debt to exchange their holdings for €700m of safer debt.
Davy believes BoI will soon target another tranche of investors, who hold €750m of undated subordinate debt, one of the riskiest debt instruments on the bank's balance sheet.
According to Davy, that €750m pile of bonds was excluded from the original debt exchange because of a 'dividend stopper' clause imposed on the bank as a condition of its bailout.
Exchanged
That clause meant the undated debt could only be exchanged for equity, an offer Davy believes would be "unlikely to generate as high a take-up" as an exchange for cash or 'safe' debt.
Since that dividend stopper expired on January 18, Davy now believes the bank will launch an offer on the €750m debt pile "shortly". Some believe BoI could make as much as €200m from the exchange, putting them within €1.3bn of their target.
L'articolo completo qui:
BoI clear to pursue gains on €750m debt pile - Irish, Business - Independent.ie
: non ho frenesia, faccio solo piccoli aggiustamenti e aspetto che i titoli raggiungano i target..... sperando che qualcosa rimanga indietro per il secondo/terzo giro
