Thursday 21 September 2017

Morgan Stanley is primary bond dealer

Morgan Stanley has become the first new primary dealer in Irish government bonds since the bailout, in the latest sign that the system for government borrowing is normalising. It brings to 17 the number of dealers with special rights to deal in government bonds. Ireland returned to international credit markets in July for the first time in almost two years. The State has carried out two auctions for €500m of T-bills and issued €4.2bn of new long-term debt within the last three months.

NCB appoints two new directors

Investec executives Michael Cullen and Perry Crosthwaite have been appointed as directors of NCB Stockbrokers. It follows the takeover of the firm earlier this year. Dublin-based Mr Cullen and UK-based Mr Crosthwaite joined the board in June, according to documents filed with the Companies Office in recent days. They replace Tommy Conway and Brian Delaney, who have stepped down from the boards but continue to work with the firm.

Smyth's properties put up for sale

Receivers have put 29 of Noel Smyth's former UK properties on the block with a £66m (€82m) guide price, confirming an early report in the Irish Independent that a sale was imminent. Receivers Savills have broken out Mr Smyth's 45 property portfolio, known as Alburn Real Estate, in order to target different property mixes to different investors.

Judge to decide on DCR injunction

A JUDGE will decide next week whether to grant an injunction in a dispute about the alleged ending of a deal that saw the setting up of one of the first debit card services for members of a credit union. DCR Strategies Incorporated, a Canada-based debit and pre-paid card provider, wants a High Court order preventing Bishopstown Credit Union in Cork, its chief executive Raymond Kenny, and another card provider, Credit Union Services Organisation Ireland Ltd, from using allegedly confidential information in relation to the card service.

Bommensath to run new Barclays unit

Barclays has integrated its fixed income, commodities, currencies and equities units into a single markets business run by Eric Bommensath, the firm said in an internal memo seen by Bloomberg News and confirmed by a spokesman.

Irish Independent

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