The government also said this week that they were open to selling their Airlingus shares. The similarities between what has happened over their and what could happen here is interesting. The turbulence that has dogged the airline industry is now coming to an end with major rationalization. I have a feeling that the European banking sector could easily be in the same position in a couple of years when the present storm dies down.
There was a very interesting interview with a candidate from the Syriza party today. Listening to him, and he seemed very credible, they are in no way interest in leaving Europe or the Euro. They are not interested in default either but in a workable long term repayment of their debt. Also they have no time for the Golden Dawn party. Probably wrong to base on opinion on one interview but I think Syriza forming the next Greek government won't as bad for the euro as some comment would have you believe.
Bank of Ireland (BKIR) has raised €750m from the sale of a new five year ACS (0.5 01/20, ISIN: XS1170193061) backed by Irish residential mortgages. The issue attracted €1.6bn of demand and was priced at MS+20bps (a yield of 0.527%). Investec Ireland acted as co-lead manager on the transaction. The bonds have traded at a slight premium in the secondary market, trading at 99.90 (a yield of 0.52%). We are not surprised by the positive market reaction to this sale. The yield on the existing BKIR 3.625 10/20 bond fell to an all-time low of 0.54% this week (it has fallen by c. 19bps in the past three months), helped by favourable technical factors (supportive ECB moves) and the improving fundamentals around the collateral in the cover pool. We expect that this will be the first in a series of ACS sales by BKIR in 2015, given that it has c. €3bn of benchmark covered bonds maturing this year, while its latest disclosed loan-to-deposit ratio is 111%.
Getting his foot in the door on the 22nd will be the ground breaking step. Time and amount should be left opened and adjusted as required. Europe is a the bottom of a very big pit at the moment so Draghi has a lot of time to make up.
Probably woint be to forth coming with actual amount with QE or go into to much detail so as to keep Germas from throwing out their dummies, Germans need to understand they cannot use Austerity only to fix Deflation wasnt too long ago when Germany received massive write down with their debt & they should be reminded of this.
Mr Draghi told “Die Zeit” that it was time for Germans to understand that they were not the only ones in the eurozone.“We are not here to create a benefit for one country or another, or to punish German savers,” he told Die Zeit weekly, in an interview to appear on Thursday."
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