Bank of Ireland’s last roll of the dice
Fingers are crossed BoI’s debt for equity swap will ‘work’, but whatever happens, it won’t mask its unresolved business issues
At last the endgame is in sight for Bank of Ireland.
The final contours of the bank’s effort to raise €5.2 billion in equity and contingent capital came into focus last Friday with the announcement that a state-backed rights issue would follow a liability management exercise, which is most likely to see owners of its remaining subordinated bonds become shareholders.
According to some market watchers, the move was tailored to flush out potential...
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