Bank of Ireland is planning raise up to €500m on the bond market, with the fund-raising likely to proceed tomorrow. The development is seen a significant because, since the economic crash, most borrowing done on the bond markets by Irish banks has been backed with collateral. However the Bank of Ireland bond will be unsecured and therefore not backed with collateral. If the fund-raising is successful it would be seen as a vote of confidence for the bank. It is likely the lender would try to raise between €250m and €500m, according to Danske Bank's senior trader Owen Callen. Bank of Ireland has hired BNP Paribas, Deutsche Bank, Morgan Stanley and RBS to sound out demand for the bond. The bank has not said how much money it expects to raise or what interest rate will be paid to investors. http://www.rte.ie/news/business/2013/0528/453223-boi-unsecured-bond/
for some reason I pressed the SEND button just now. Twát! I was just going to add that.six weeks ago I sold some BKIR shares to get into RIO and, in only SIX WEEKS, I've seen my Rio Tinto investment gain me a grand and a half, then lose me a grand and a half and REPEAT THE WHOLE CYCLE once more! All in six weeks! It's a crazy world out there.
Still a lot of head of steam. I reckon that BKIR is benefitting from the general lack of optimism about so many other big name shares. No one has a clue what the future holds for Royal Bank of Scotland for instance and, on the growth front, nearly every major economy seems to be saying "Yes, there ARE green shoots....I saw two yesterday afternoon....but they weren't there this morning on my way to work...." BKIR seems to be the only institution that's been able to sustain good news for more than three weeks.
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