Published on 12/2/2011 in the Prospect News Liability Management Daily.
Bank of Ireland accepts tenders for about €1.1 billion floaters
By Jennifer Chiou
New York, Dec. 2 - Bank of Ireland announced that it has accepted tenders for roughly €1.1 billion (amortized) principal amount of residential mortgage-backed securities through its completed modified Dutch auction tender offers.
The offers involved Kildare Securities Ltd.'s mortgage-backed floating-rate notes due December 2043 and Brunel Residential Mortgage Securitisation No. 1 plc's mortgage-backed floating-rate notes due January 2039.
The acceptance amounts, their pool factors (if applicable) and their minimum purchase prices are noted in the table below.
When it launched the offers, the bank said it would determine how much of each series it will purchase at its sole discretion. The purchase price selected for a series was to be the lowest price that will allow the bank to purchase an amount of notes equal to the purchase amount it has chosen for that series. Notes were to be subject to proration.
In addition to the purchase price, holders will receive accrued interest.
The offers expired at noon ET on Dec. 1, and the settlement date is expected to be Dec. 13.
The bank already said it will not exercise its call options for the notes on the relevant step-up dates in March and April.
The offers were aimed at providing liquidity to the holders of the securities, according to the bank's initial filing.
Separate from the tender offers, the bank also purchased the following:
• €96.53 million of 7.4% capital securities (ISIN XS0125611482);
• €12 million of capital securities (XS0223310862);
• £23.95 million of capital securities (XS0487711656);
• C$14 million of capital securities (CA062786AA67); and
• C$51,028,000 of capital securities (CA062786AD07).
The dealer managers were Citigroup Global Markets Ltd. (contact the liability management group at +44 20 7986 8969 or liabilitymanagement.europe@citi.com) and Nomura International plc (contact liability management at +44 20 7103 5652 or liability.management@nomura.com).
The tender agent was Lucid Issuer Services Ltd. (contact Yves Theis/Paul Kamminga at +44 20 7704 0880 or boi@lucid-is.com).
Bank of Ireland is a Dublin-based retail and commercial bank.
Bank of Ireland tender offers
| Class of notes | Outstanding amount | Accepted amount | Pool factor | Minimum price
|
| Kildare notes
|
| A2 notes | $505,222,290 | $14,830,455 | 0.3480452 | 88%
|
| A3 notes | €1,062,000,000 | €260.35 million | - | 66%
|
| B notes | €96.8 million | €61.1 million | - | 41%
|
| C notes | €90.6 million | €60.35 million | - | 36%
|
| D notes | €26.55 million | €21.05 million | - | 28%
|
|
|
| Brunel notes
|
| A4a notes | €722,835,571 | €124,997,663 | 0.705205 | 92%
|
| A4b notes | £742.5 million | £301,225,000 | - | 75%
|
| A4c notes | $1,110,698,562 | $140,921,202 | 0.705205 | 92%
|
| B4a notes | €98,393,734 | €8,717,530 | 0.774754 | 73%
|
| B4b notes | £18,594,091 | £11,621,307 | 0.774754 | 73%
|
| C4a notes | €155,725,518 | €28,497,770 | 0.774754 | 67%
|
| C4b notes | £23,242,615 | £1,549,508 | 0.774754 | 67%
|
| C4c notes | $23,242,615 | $7,747,538 | 0.774754 | 67%
|
| D4a notes | €121,636,350 | €68,685,800 | 0.774754 | 60%
|
| D4b notes | £20,918,353 | £8,646,253 | 0.774754 | 60%
|
| D4c notes | $23,242,615 | $20,918,354 | 0.774754 | 60%
|
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