NCB stockbrokers said there was strong participation in the bond exchange, with an uptake of about 93 percent.
The existing notes of 1.4 billion euros will be swapped into 700 million euros of new 13-month government guaranteed senior debt at an average discount of about 50 percent to par.
The effect of the bond exchange will improve Bank of Ireland's core capital ratio by about 1 percent, NCB said.
'We estimate that this gain equates to a 100 basis points uplift to Core Tier 1 capital, increasing the 2010 ratio to 10.6 percent,' it said in a statement.
Ireland's central bank wants lenders to 'overcapitalise' as a result of the 85 billion euro emergency loan package agreed with the IMF and EU last month, raising its target for core Tier 1 capital ratio to 12 percent from 8 percent.
Bank of Ireland was the first major Irish bank to meet the previous capital target, raising 3 billion euros partly through private sources earlier this year in an exercise that left the state with a 36 percent stake plus preference shares.
The bank, which is eventually expected to cross the threshold into majority state ownership, began a fresh round of capital-raising by making an exchange offer for up to 1.5 billion euros of Lower Tier 2 securities with a nominal value of around 3.1 billion.
'The strong participation rate in Bank of Ireland's bond exchange is a positive result for the group, helping to mitigate shareholder dilution ahead of its February-end 2.2 billion euro total recapitalisation,' NCB's Ciaran Callaghan said.
Callaghan warned, however, that further debt exchanges would be constrained due to regulatory pressures and that the bank might struggle to raise equity privately.
'Hence, focus will most likely now turn towards asset disposals as a means of reducing risk-weighted assets, with the government acting as the eventual backstop to fill any capital shortfall,' Callaghan said.
Shares in Ireland's biggest bank by market value were down 13.8 percent at 0.3 euros, which a Dublin-based trader said was more due to the Moody's downgrade and the news that part-nationalised British bank Lloyds would take a further hit from impairments on its Irish portfolio.
'The numbers (from the debt exchange) were what brokers had been thinking anyway,' the trader said.
The government signalled last month that the sort of restructuring of subordinated bank debt already being implemented by nationalised lender Anglo Irish Bank could be replicated across the sector.
Parliament approved this week a new banking law that will give the government extensive control to restructure the sector, including the power to impose losses on subordinated bondholders.
Bondholders in Bank of Ireland and Allied Irish Banks are trying to cap any losses they could face from a government plan to make them shoulder some of the cost of overhauling the country's banks.
http://www.finanznachrichten.de/...00-mln-euros-via-debt-swap-020.htm
Das wichtigste gehighlighted.. Alle neu Interessierten bekommen so einen guten ersten Überblick. Ich kann den Irish-Independant empfehlen (http://www.independent.ie/), da gibt es neben aktuellen News auch immer Hintergrundberichte u. interessante Kolumnen.. Bis Febr. 2011 ist noch eine Weile hin ;-)))
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