BoI comes back for more

Bank of Ireland returns to the region with its second global ACS deal. Hitting the 10-year part of the euro curve may prove a challenge.

Bank of Ireland concludes a week of regional investor presentations today as it seeks to sell its second benchmark ACS or covered bond transaction. It is marketing a 10-year deal with a size of between Eur1.5 billion and Eur2 billion. The deal is lead arranged by Barclays Capital and lead managed by Barclays, Ixus, Dresdner and Davy Stockbrokers.

Bank of Ireland successfully sold an inaugural Eur2 billion five-year ACS deal last September of which 10% went to Asia. Given Asian investors' predilection for shorter dated paper, a five-year deal would seem easier to sell than a ten year.

However, according to Sean Crowe, a director of Bank...

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