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By Tiernan Ray More troubles for Ireland: Moody’s Investors Service this afternoon said it placed under review for possible downgrade various covered bonds issued by the mortgage units of Allied Irish Banks (AIB), Bank of Ireland (IRE) and EBS, a day after it cut its ratings on the banks’ senior unsecured credit ratings, which in turn followed a warning about the sovereign credit rating of Ireland.
Ireland’s Woes “(the Irish) GOVENTMENT’S COMMITMENT TO SENIOR BONDHOLDERS DOES NOT RULE OUT A LIQUIDITY MANAGEMENT EXERCISE AGREED BY CONSENT” The sentiment of this headline has been picked up in an FT story today: “Ireland hints at bank bond debt deal” (p.8). When it comes to Ireland 7 the FT these days, the glass is always half empty. However, if you read what the regulator actually said, you will see that while indeed he did say that the Irish government’s line on senior debt does not preclude liquidity management agreed by consent, he goes on to say that the “current difficult funding position for both the Irish government and the banking system means one should be very cautious about contemplating such a step in the present crisis, never mind whatever legal and constitutional obstacles would need to be resolved”. And indeed the Minister has just issued a statement aimed at clearing up ANY remaining doubts about the governments intentions. In a nutshell he states that any pending legislation which relates to subordinated debt will ONLY apply to non listed banks i.e. Anglo & Irish Nationwide BUT NOT AIB or BoI and the re are NO plans to make any SENIOR bondholders take part in burden sharing
Allied Irish Banks, plc Prices Public Offering Of 26,700,000 Contingent Mandatorily Exchangeable Notes 8:54pm EDT Allied Irish Banks, plc announced that it has priced a public offering of 26,700,000 contingent mandatorily exchangeable notes (Notes) due November 15, 2010, in connection with the proposed disposal of its approximately 22.4% shareholding in M&T Bank Corporation (M&T) at a price of $77.50 per Note, raising net proceeds of approximately $2.0 billion (EUR1.5 billion). Each Note will be mandatorily exchangeable for one share of M&T common stock (M&T Share) currently owned by Allied Irish Banks, plc. Allied Irish Banks, plc intends to hold an extraordinary general meeting on November 1, 2010 to seek shareholder approval. The proposed disposal is also expected to generate approximately EUR0.9 billion of equivalent equity capital. The Board of Allied Irish Banks, plc intends to use the equivalent equity capital generated from the proceeds of the proposed disposal to meet part of Allied Irish Banks, plc's revised Prudential Capital Assessment Review requirement of EUR10.4 billion. The net cash proceeds will be used as an additional source of liquidity to support Allied Irish Banks, plc's business activities. Morgan Stanley & Co. Incorporated and Citigroup Global Markets Inc. are acting as underwriters and joint book running managers for the Notes offering.
I am down 40% on this one, but I think we are going to get one last chance to get out of it with a decent run up to the rights, I dont believe the government will let this fall to 20 cents, look how it was well backed up last week after it fell to 37 cents, it just bounced back up, that was a good test, they need a half decient price going into the rights, some good news has to come in on this donkey before the rights, any way GL
Yes I see your price ok, only a mix up, when were talking about a price for the stock I would only have thought about the euro price, the price that the stocks priced in, but you still got in on this at a great price, GL
I noticed that my self, the low was 37.2, so it would have been a real neat trick to get a few for .34. I no I am taking a big risk with these but with the rights being a mounth away and with the good old government guarrentee I am thinking there might be one last jump in these before the rights, and there was big buying yesterday, its like I said hold and hope, GL all
Many the mms are buying back in? nearly 17 mil shares traded already today, only 5% down now
Id say what harm can there be in holding them for another mounth up to untill the rights, they will have to have the spin docters out to get it back up over 50 cents, I thought the way they were rising yesterday I was going to get out at even this week, no such luck but a 30 % loss is better than a 40% loss and they still have assets to sell, so I believe this is called hold and hope
Do you think there will be any type of rise in these next mounth leading up to the rights issue? as and if the assets are eventualy offloaded, the uk and us banks?
I bought into this at .79 and roughly 40% loss to date, I also bought in the NYSE at 2.10 and now at 1.28, 39% loss to date, what about you, did you have a bad loss on these?
How can they put a price of 50 cents onto the RI now, if the price keeps falling?
Is this good news or bad news for AIB, the volume in the US was 10.9 million, the instutions are back on board, today will be intresting.
Dublin 4, Ireland, Sep 30, 2010 (Thomson Reuters ONE via COMTEX) -- Allied Irish Banks, p.l.c. ("AIB") [NYSE: AIB] is making this announcement following a review of its capital requirements by the Irish Financial Regulator (the "Financial Regulator"). The Financial Regulator has updated its assessment of AIB's capital requirement and has increased the amount of equity capital required under the Prudential Capital Assessment Review ("PCAR") from EUR7.4 billion to EUR10.4 billion. The increased PCAR requirement for AIB has been set following an assessment by the Financial Regulator of AIB's potential losses on NAMA loans. This PCAR capital requirement is to be met as follows: EUR billion - equity capital raising 5.4 - disposals and other capital generating measures 5.0 Total 10.4 Equity Capital Raising 2010 A EUR5.4 billion equity capital raising will be launched during November which will be completed before 31 December 2010. This equity capital raising will be fully underwritten by the National Pensions Reserve Fund Commission ("NPRFC") at a fixed price of EUR0.50 per new ordinary share, which represents a discount of approximately 9.4 per cent to the official closing price of an ordinary share on the Irish Stock Exchange on 29 September 2010. The capital raising will be structured as a placing and open offer and existing shareholders will be invited to subscribe for all or part of their pro rata entitlements. New institutional shareholders may also be permitted to subscribe for new shares under the offer. If necessary, the NPRFC's underwriting commitment will be met through a new cash contribution of up to EUR3.7 billion for new ordinary shares from existing cash resources of the NPRFC and by the conversion of up to EUR1.7 billion of the existing 2009 Preferences Shares held by the NPRFC. Following this conversion of 2009 Preference Shares the NPRFC would hold EUR1.8 billion of 2009 Preference Shares. On completion of the equity capital raising it is possible that the NPRFC will own a significant majority stake in AIB. It is intended to structure the transaction in a manner which optimises the ability of AIB to retain its existing stock exchange listings, including appropriate structuring of voting rights, (subject to agreement with the relevant exchanges) even in circumstances where the NPRFC purchases all or substantially all of the underwritten new ordinary shares. The mechanics of implementation will be subject to discussion with relevant listing authorities. It is anticipated that the existing warrants issued to the NPRFC in 2009 will be repurchased on terms to be agreed. The terms of the capital raising are subject to the approval, inter alia, of the European Commission, AIB shareholders and other regulatory consents. A prospec
PKO BP hires Credit Suisse to help in takeover 2nd June 2010 State-controlled lender PKO BP has hired investment bank Credit Suisse into an advising role as it plans a purchase of Bank Zachodni WBK from Allied Irish Banks, Parkiet has learned. For his part, PKO president Zbigniew Jagiełło doesn't deny the bank is interested in BZ WBK. "The hiring of investment banks, auditors and strategic advisers is a regular element of building our market position as Poland's champion in the financial sector," he says. Ireland owns 70 percent of BZ WBK shares, a packet with an estimated worth of zł.10.5 billion. Analysts feel PKO could afford about half of that on its own, hence the talks of creating a consortium of Polish banks to help fund the purchase. Source: Poland AM
By Barbara Kollmeyer AIB IE:AIB MADRID (MarketWatch) -- Allied Irish Banks (AIB 2.49, -0.15, -5.68%) (IE:AIB 0.10, -0.04, -3.40%) was upgraded to buy from hold on Tuesday at Societe Generale, which said the bank has "inherent value" and lifted the target price to €1.60 from €1.35. SocGen said AIB remains leveraged to the outcome of new equity to be raised and 2010 tangible equity, and shares will remain volatile until the market gets certainty on this. Asset disposals and pricing will be catalysts it said, while questions remain over the eventual level of state ownership. Societe Generale said Irish banks are a fundamental call on Ireland, which they say is not Greece. "We are positive on the economic recovery and believe Ireland is well placed to withstand the recent refocusing on risk related to southern Europe," said the investment bank. For Irish banks, margin recovery can pick up the slack left by fee income, said SocGen.
Poland’s Treasury may buy BZ WBK Bank from AIB 2010-05-26 The Ministry of Treasury is considering establishing a consortium of insurance and retirement funds to bid for a 70% stake in BZ WBK Bank sold by Allied Irish Banks (AIB), Bankier.pl reports quoting ‘Gazeta Wyborcza’. The possible bidders may include the country’s largest bank PKO BP and Poland’s largest insurer PZU SA. According to the newspaper, the project is an initiative of Jan Krzysztof Bielecki, the senior economic adviser to Poland’s Prime Minister Donald Tusk, who visited Ireland recently to talk through this scenario with AIB. Analysts quoted by the newspaper estimate the value of 100% shares in BZ WBK at PLN 13-14 billion.
Have you any good tips for the horses over the week end? then il no what not to back.