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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
CREDIT RESEARCH
Allied Irish Banks: The Irish government has renewed the share trading plan to reduce its holding further (down to 40.8% now)... interesting to note divergent performances of the some of the Irish AT1 and equity.
- AIBG's benchmark AT1 bond has tightened consistently through 4Q23 and now sits at a good premium to similar issues from BIRG and PTSB (see image).
- Over similar timescale, the equity has traded precisely the other way with AIB underperforming its two domestic peers (likely on the share overhang issue, as the govt continues to sell down).
- Irish state still holds only <10% of BIRG and but still nearly 60% of PTSB. Feels like the cross-asset trade (AIBG equity vs. AT1) is overstretched in the context of its domestic peers.
Irish Bank AT1 OAS movesBloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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