independent

Thursday 24 April 2014

Permanent TSB tipped to go back to bond markets this week

PERMANENT TSB may look to sell debt "in the coming days" according to market analysts.

Glas Securities pointed to a PTSB bond that is due to expire later this month, which may create the need for a new round of debt financing.

“Permanent TSB’s $1.75 billion 3.6pc 01/13 matures in less than two weeks and if the bank opts to refinance via the bond market, a deal could be announced as soon as the coming days,” the firm said.

“While the government guarantee remains in place until the end of June 2013, we anticipate that Permanent TSB might be the only bank to issue under the program as both Allied Irish Banks and Bank of Ireland have highlighted the high cost of issuance under the scheme in recent months.”

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