IL&P manages to pull in €190m in unguaranteed debt
Published 08/09/2010 | 05:00
IRISH Life & Permanent has tapped the market for another €190m in unguaranteed debt, marking the bancassurer's second foray into fundraising outside the Government's guarantee scheme.
The private placement deal, backed by a bundle of residential mortgage securities, was confirmed by an IL&P spokesman last night. He declined to reveal the cost of the debt, beyond saying it was "lower than the net cost of guaranteed debt".
IL&P has now raised €468m in unguaranteed debt over the past fortnight, making it the only Irish financial concern to test the unguaranteed funding markets in recent months.
"This additional placement demonstrates that there is strong appetite for the group's paper and that investors are attracted to the yield on offer," NCB analyst Ciaran Callaghan said last night.
"This is particularly encouraging given the difficult funding conditions currently evident in the debt markets."