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Another first for Depfa Back  
DEPFA BANK p.l.c. achieved another market first with the issue by it of Ireland's first listed extendible bond at the end of May. The $1.5 billion issue of extendible liquidity securities was lead managed by Morgan Stanley, with Morgan Stanley and DEPFA BANK acting as co-selling agents. McCann FitzGerald was the Irish legal advisor.
The bonds were listed on the Irish Stock Exchange, the first such listing on the Exchange in respect of this type of bond.

The offer was targeted at the US market under Rule 144A.The bonds have an initial maturity date of June 15, 2005 but this may be extended at the election of the relevant bond holder on that date and at intervals thereafter up to a final maturity date of 15 June 2009.

The ability to extend the bonds in this manner enabled DEPFA BANK to effectively issue five-year debt securities to certain US investors who were restricted to investing in short term debt only. This is another market first for DEPFA BANK, which last year issued Ireland’s first asset covered securities (Irish covered bond).

See also page 4.

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