Bloomberg News

Irish Banks ‘Dominated’ 3.5 Billion Euro Bond Swap, Davy Says

January 26, 2012

Jan. 26 (Bloomberg) -- Irish banks “dominated” the take- up yesterday of a bond-swap offer by the National Treasury Management Agency, Barry Nangle, head of fixed-income at securities firm Davy, said.

Investors switched 3.5 billion euros of government debt due in 2014 for a new note maturing in 2015.

“We carried out about half the orders, which were carried out in two-hour timeframe,” said Nangle by phone today. “Irish banks were behind the majority of the switch, though there were other participants as well.”

The NTMA may seek to carry out further accords on bonds due in 2014, or even 2013, Nangle said. “They may even look at their 2017 maturities further down the line,” he said.

To contact the reporter on this story: Joe Brennan in Dublin at jbrennan29@bloomberg.net

To contact the editor responsible for this story: Dara Doyle at ddoyle1@bloomberg.net


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