Allied Irish Banks (Subordinated Capital Notes)
Volume: STG?350 million
Coupon: 5.625%
Maturity: 2030 non-call 2025
Arrangers: UBS Investment Bank and Barclays Capital
Co Lead: JP Morgan Securities
Legal advisor: Linklaters
Description: Subordinated STG Note issued as part of AIB’s ongoing capital management program.
Anglo Irish Bank
Date launched: 03/03
Volume: STG?90 million
Legal Adviser: Eugene F Collins
Description: To support the Bank’s Tier 1 capital base Anglo issued deeply subordinated hybrid debt, This issue was a tap off the STG?160 million issue in July 2002 and was sold to UK based asset managers and pension funds.
Bank of Ireland (Sterling Tier 1 issue)
Date closed: 03/03
Volume: STG?350 million
Maturity: Perpetual but callable in 2023
Pricing: 192 bps over the 8% June 2001 UK treasury Stock with an issue price of 99.443%
Sole bookrunner: Barclays Capital
Senior Co-Lead Manager: Davy Stockbrokers
Co-lead manager: Cazenove & Co
Legal advisers: Irish law - In-house legal; Northern Ireland -Arthur Cox; UK law - Norton Rose
Description: The Bank issued a Sterling Tier 1 issue of guaranteed callable perpetual preferred securities issued via bank of Ireland UK Holdings.
Bank of Ireland (Euro Lower Tier 2 issue)
Date closed: 11/03
Volume: €600 million
Maturity: Callable December 2008 due December 2013
Coupon: 35bps over 3 month Euribor and issued at 99.858%
Joint lead managers: BNP Paribas and HSBC Bank
Co-manager: Davy Stockbrokers
Legal advisers: Irish law - In house legal; UK law - Norton Rose
Description: The Bank’s second capital issue. €600 million floating rate subordinated bonds due December 2013.
First Active
Date closed: Various
Volume: €112 million
Maturity: 15 year non callable until end of year 10
Arranger: ABN Amro
Legal Adviser: McCann FitzGerald
Description: First Active raised subordinated debt as part of its capital restructure in January 2003 and before the announcement in early October of its acquisition by Royal bank of Scotland. The investors were mainly UK insurers.
MDP Acquisitions plc
Volume: €450 m, $695 m, $205 m
Legal adviser: William Fry
Description: The proceeds from this issue, US$545,000,000 and €350,000,000 senior notes and also US$150,000,000 and €100,000,000 subordinated notes, by the acquisition vehicle for the Jefferson Smurfit Group, were utilised in connection with the acquisition by MDP Acquisitions plc of the Jefferson Smurfit Group. MDCP Acquisitions plc also issued a further US$205,000,000 in senior notes during 2003, issued in connection with a separate internal restructuring. |
