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Wednesday, 17th April 2024
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EBS follows Unicredito and launches CD programme Back  
The second Irish Certificates of Deposit (CD) programme has been launched by EBS Building Society as part of a combined €1 billion Euro CD and Euro Commercial Paper (CP) programme. This follows on from the first €5 billion programme established by Unicredito Italiano Bank in October. (See last month's issue).
EBS Building Society has mandated Barclays Bank to arrange a €1 billion Euro Commercial Paper (CP) and Euro Certificate of Deposit (CD) programme. The programme is expected to sign in early December with a dealer group consisting of Barclays, Citigroup, Royal Bank Of Scotland, Deutsche Bank, and EBS Building Society. The paying agent will be JP Morgan.

While EBS continues to remain a member orientated institution with a strong customer funding franchise it has also sought to maintain a range of short and long term wholesale funding options sufficient for its needs. Currently it utilises the inter bank market for much of its short term wholesale funding, however establishing an ECP Programme should facilitate a further diversification of its options.

By establishing a joint CP and CD programme EBS has also put itself in a position to participate in the development of a domestic market in Irish CDs.

There is no specific target for the intended volume of funds to be borrowed via the ECP Programme however EBS intends ECP becomes a core aspect of its wholesale funding activities. It is intended to appeal to traditional money market counterparties and new investors such as European money market funds who express a preference for short-term debt securities.

EBS has been active in bond markets issuing medium term debt via its €2.5 billion Euro medium-term note (MTN) programme, in 2003 EBS raised €804 million via this programme. Additionally, in 2003 EBS completed its third prime residential mortgage securitisation transaction in the Emerald Series, raising €750 million.

EBS is rated A3/P-1/Stable by Moody's.

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