Business Irish

Sunday 17 November 2019

Private investors to get a chance to invest in Anglo

Colm Ryan Goodbody head of fixed income sales
Colm Ryan Goodbody head of fixed income sales

Joe Brennan

Around €750m of par-value NAMA junior bonds sold last year by Anglo Irish Bank's liquidators have been repackaged to make them easier to trade, according to Colm Ryan, head of fixed income at Goodbody Stockbrokers who arranged the transaction.

The repackaged bonds are now set to list on the Dublin stock exchange next Wednesday. The sale will take place through a so-called special purpose vehicle called Ballsbridge Repackaging. Holders of almost 90pc of the notes sold in the last quarter decided to put their bonds into the special purpose vehicle.

The junior NAMA bonds will be tradable in €100,000 transaction lots. The current minimum is €1m.

The bonds are aimed at "private clients type of investor", Goodbody said.

NAMA junior bonds are currently trading at about 87c which means they are yielding more than 9.5pc.

Allied Irish Banks valued its junior NAMA bonds at 65pc in June. The State raised its valuation to 72pc from 44pc in the same period.

Liquidators of the Irish Bank Resolution Corp sold lender's €841m of junior bonds linked to NAMA at a discount to par in the fourth quarter.

Irish Independent

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