PTSB raises €400m in deal secured against its UK portfolio

(02 Mar 2013)

logo permanent tsb Thumbnail0It is reported in todays Irish Independent yhat  State-owned Permanent TSB (PTSB) borrowed €400m this week, raising the cash in a deal secured against a share of its stock of UK mortgages.

Permanent TSB is the last of the bailed-out banks that is still not borrowing on the bond markets, but the recent deal shows it can raise cash from private deals where UK mortgage assets are pledged as security.

The latest deal brings to €1bn the amount of new debt raised by the bank so far this year.

The bank has raised €3.6bn this year when refinancing of some debt is included.

Financial details, including the cost of the new borrowing have not been revealed, but the banks says the debt is being raised at market rates.

Last week ratings agency Moody's downgraded PTSB, citing "uncertainty and risks", to B3 from B1.

Read full report in Irish Independent

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