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Anglo buyback boosts capital by EUR1.67bn.

Global Banking News-1 August 2009-Anglo buyback boosts capital by EUR1.67bn(C)2009 ENPublishing -

Global Banking News - 01 August 2009(c)2005 - Electronic News Publishing -

State owned Anglo Irish Bank (AIB) (DUB: CKL1) (OTC: AGIBY) has boosted its loss-absorbing capital by EUR1.67bn after buying back at a discount bonds with a face value of EUR3.2bn, reports Irish Times.

Investors in the assets were paid between 27 per cent and 55 per cent of the face value across seven Anglo bonds. The take-up among investors averaged 78 per cent in value terms.

The transactions cost EUR810m but generated capital of more than twice the level as the bonds were registered as a liability on the bank's books at their face value. Bondholders paid between 51.77 percent and 98.4 percent across seven issues of tier-one and tier-two securities.

Anglo Irish has announced plans to buy back debt weeks after posting a loss of EUR4.1bn in the six months to the end of March.

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Publication:Global Banking News (GBN)
Date:Aug 1, 2009
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