PTSB sells €300m of ‘bail-in-able’ senior bonds

Analysts say successful bond sale this week ‘bodes well’ for PTSB’s future bond-sale plans

PTSB: plans to sell €1bn of senior and junior debt to comply with the new European rules

PTSB: plans to sell €1bn of senior and junior debt to comply with the new European rules

Permanent TSB (PTSB) this week sold €300 million of senior bonds that can be converted into equity if the bank runs into trouble as it seeks to comply with new European rules designed to minimise taxpayer bailouts in the event of another crisis.

The bank, led by chief executive Jeremy Masding, received orders for about two times the amount of debt that was on offer, according to market sources. The bonds were priced on Thursday afternoon to carry a coupon, or interest rate, of about 2.13 per cent.

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