Nov 12, 2010
| Last Updated
- Having been underweight on Irish bank risk for some time, we move to a selective neutral positioning. In the subordinated space, we remain underweight, covering shorts to lock in gains, and we exclude Anglo Irish from the recommendation as completion of the recent exchange offer will eliminate most sub debt for the name. We marketweight senior Irish bank debt, overweighting Bank of Ireland (BKIR) risk relative to AIB and Anglo Irish Bank.
- The European Commission has approved an extension of the eligible liabilities guarantee (ELG) plan until June 2011, under which new liabilities[...]
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