Medium Term Debt Programme
Anglo Irish Bank's Medium Term Funding is achieved primarily through issuance on its European Medium Term Note (EMTN) Programme. The Bank issues both vanilla and structured debt capital securities across a range of currencies and maturities from this programme. In addition the EMTN programme provides the capability to issue subordinated debt (Upper and Lower Tier II). Other avenues of diversification include the Schuldschein market and the US Extendible programme. The Bank has also established a US 144A programme which will provide the Bank with access to the US term funding market.
Euro Medium Term Note Programme
Anglo Irish Bank's EMTN programme is €30bn in size, and enables the Bank to issue notes on an ongoing basis to a variety of investors on both a private and public basis. The Bank uses the EMTN programme to increase the duration of its wholesale funding. The tenor of notes issued is usually between 1-5 years but levels will be quoted up to a maximum of 10 years on a case by case basis.
Diversification is a key component of the Bank's funding strategy. Through the issuance of EMTN notes in vanilla and various structured formats, the Bank can target a diverse range of investors and markets, with Europe and Asia being the main markets. The Bank issues in core and non core currencies.
EUR 30,000,000,000 EMTN Programme, May 2008 (Pdf format)
US Extendible Programme
Following the successful launch of the USCP programme, Anglo Irish Bank established a US$ 4 billion Extendible Programme in November 2006. This was the Bank's first raising of medium term funding from the US market and enabled diversification into the 2A7 and Security lending funds.
US 144A Programme
Anglo Irish Bank established a US$ 10 billion 144A Programme in January 2008. This programme will give the Bank further access into both the medium and longer term investor base in the US.
The primary dealers on the 144A programme are:
- Bank of America Securities LLC
- Barclays Capital Inc.
- BNP Paribas Securities Corp
- Citigroup Global Markets Inc
- HSBC Securities (USA) Inc.
- J.P. Morgan Securities Inc.
- Merrill Lynch & Co
- Morgan Stanley & Co. Incorporated
- UBS Securities LLC
- Wachovia Capital Markets, LLC
The aforementioned US focused initiatives will provide further diversification of the Bank's funding profile.
Schuldschein
The Bank currently has Schuldschein agreements with a number of individual counterparties. Schuldscheins are issued on a reverse enquiry basis in both fixed and floating format and can also issue lightly structured notes. Please contact Debt Capital Markets for documentation at debtcapitalmarkets@angloirishbank.ie
Global Covered Bond Programme (UK Branch)
The Bank established a Covered Bond programme for its UK branch in March 2007. The programme is currently €5bn in size and it allows the Bank to raise medium and long term funding in the international capital markets, backed by a pool of its UK assets. To receive a copy of the most recent Investor Report for this programme, please contact portfoliomanagementgroup2@angloirishbank.ie