While the worst may be over for the Irish financial system, the best may be over for investors in Irish bank debt, say analysts.
Bank of Ireland’s state-guaranteed bond maturing in 2015 returned 31 per cent in the past year, compared with the 38 per cent advance of equivalent debt from Allied Irish Banks. Irish government bonds of similar maturity rose about 14 per cent, while shares of Bank of Ireland gained 24 per cent.
“I would switch...
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