Both EBS Building Society and Irish Life & Permanent have accessed the French market over the past month, raising up to €4.5 billion in total.
EBS launched a €1.5 billion French Certificate of Deposit (CD) programme, which was rated rated A2/P-1/C+ by Moody's. The firm previously established a €1 billion Euro commercial paper and CD programme in 2003.
EBS's reliance on market funding has increased in recent years, and issuance of French CDs provides a further degree of diversification to the group's funding base.
Irish Life & Permanent (IL&P) also launched a French CD programme, with the potential of issuing up to €3 billion. It received a Prime-1 (P-1) rating from Moody's. IL&P has a variety of wholesale-funded programmes. |
