Published on 11/21/2011 in the Prospect News Liability Management Daily.
Bank of Ireland begins tender offers for mortgage-backed floaters
By Angela McDaniels
Tacoma, Wash., Nov. 21 - Bank of Ireland will repurchase up to €1 billion (amortized) principal amount of residential mortgage-backed securities through modified Dutch auction tender offers, according to a bank filing with the London Stock Exchange.
The offers cover 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 notes eligible for the offers, their pool factors (if applicable) and their minimum purchase prices are noted in the table below.
The bank will determine how much of each series it will purchase at its sole discretion. The purchase price selected for a series will 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. Note may be subject to proration.
In addition to the purchase price, holders will receive accrued interest.
The offers will expire at noon ET on Dec. 1, and the settlement date is expected to be Dec. 13.
The bank said it will not exercise its call options for the notes on the relevant step-up dates in March and April.
The offers are aimed at providing liquidity to the holders of the securities, according to the filing.
The dealer managers are 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 is 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 | Original principal amount | Outstanding principal amount | Pool factor | Minimum price
|
| Kildare notes
|
| A2 notes | $1,451,600,000 | $505,222,290 | 0.3480452 | 88%
|
| A3 notes | €1,062,000,000 | €1,062,000,000 | - | 66%
|
| B notes | €96.8 million | €96.8 million | - | 41%
|
| C notes | €90.6 million | €90.6 million | - | 36%
|
| D notes | €26.55 million | €26.55 million | - | 28%
|
| Brunel notes
|
| A4a notes | €1,025,000,000 | €722,835,571 | 0.705205 | 92%
|
| A4b notes | £742.5 million | £742.5 million | - | 75%
|
| A4c notes | $1,575,000,000 | $1,110,698,562 | 0.705205 | 92%
|
| B4a notes | €127 million | €98,393,734 | 0.774754 | 73%
|
| B4b notes | £24 million | £18,594,091 | 0.774754 | 73%
|
| C4a notes | €201 million | €155,725,518 | 0.774754 | 67%
|
| C4b notes | £30 million | £23,242,615 | 0.774754 | 67%
|
| C4c notes | $30 million | $23,242,615 | 0.774754 | 67%
|
| D4a notes | €157 million | €121,636,350 | 0.774754 | 60%
|
| D4b notes | £27 million | £20,918,353 | 0.774754 | 60%
|
| D4c notes | $30 million | $23,242,615 | 0.774754 | 60%
|
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