Moody's positive on BoI bond issue
MOODY'S says Bank of Ireland's ability to raise €500m of unsecured bond debt on the markets is "credit positive".
The mix of investors who bought new bonds issued last week showed a revival of "real money" investor confidence in Bank of Ireland, the credit rating agency said. The bond was the first of its kind by any Irish bank since 2009. BoI borrowed €500m of unsecured, non-state guaranteed debt on the markets last week. The deal is "credit positive" because it reduces its reliance on European Central Bank (ECB), Moody's said. The bank owed €12bn to the ECB at the end of last year.
AN POST LAUNCHES MARKETING DRIVE
An Post is rolling out a new marketing service called Admailer.ie to help small businesses win new customers. The service allows small business owners to design their own postcard campaign.
The postal service said recent research carried out by Amarach Research shows that selling existing products to new clients is the top priority for 64pc of respondents. Admailier.ie is an attempt to offer a cheap solution to companies that want to launch direct mail campaigns.
CHINA TOUTS ITS ECONOMIC REFORMS
China is committed to accelerate economic reform, move faster to a consumer-driven economy and expand imports, while strongly opposing all forms of protectionism, Vice Premier Zhang Gaoli said yesterday.
China, the world's second-largest economy, will in the next five years import $10trn (€7.5trn) worth of goods globally, Mr Zhang told a forum of Fortune 500 business leaders in Chengdu. "We will accelerate change to the development model and vigorously improve and optimise the economic structure," he said, adding that the country will work to expand consumer demand.
EU CONSIDERS NEW LIBOR WATCHDOG
The European Union is considering whether to hand oversight of the scandal-ridden London interbank offered rate to the European Securities and Markets Authority.
The European Commission is proposing to move regulation of LIBOR and other benchmarks away from the UK to Paris-based ESMA because the rates may affect banks, administrators and consumers in member countries. ESMA is already reviewing benchmarks and issued guidance calling on banks to ensure their pay policies don't create conflicts of interest. (Bloomberg)