Even Ireland’s Weakest Bank Can Raise Money in This Bond Market
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The first Irish lender to sell Europe’s riskiest type of bank bond is also the nation’s weakest.
Permanent TSB Group Holdings Plc, which failed European financial stress tests last year, is selling 125 million euros ($136 million) of so-called additional Tier 1, or AT1, bonds this week. The undated securities convert into shares should capital drop below a certain threshold and carry coupons that issuers can just decide not to pay.