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Media Coverage
| Aug 2010 | Irish Bank Recapitalization May Cost EU39.9 Billion, Glas Says \"A total cost of 39.9 billion euros is a \'reasonable forecast,\' Dublin-based Glas said in a research note today\"... |
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| Aug 2010 | Ireland Borrowing Costs Fall in 600 Million-Euro Sale \"\'This morning’s Irish treasury bill auction result was better than expected,\' analysts at Dublin-based fixed income specialist Glas Securities said in an e-mailed note\"... |
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| Aug 2010 | Irish \'Vicious Circle\' Leaves Banks with Higher Costs \"\'On the face of it, it may look like Irish banks are facing a wall of maturing debt in September,\' said Michael Cummins, a director at Dublin-based Glas Securities, which specializes in fixed-income markets. \'But NAMA has a twofold impact on bank liquidity\'\"... |
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| Aug 2010 | Irish Banks Have No \'Gun to Head\' on Funding, Glas Says \"Irish banks, which have about 30 billion euros of debt securities maturing in September, don’t have “a gun to their head” on funding, according to Glas Securities, which specializes in fixed-income markets\"... |
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| Aug 2010 | Ireland May Cancel Auctions After Selling More Bonds, Glas Says \"Ireland may be able to cancel future bond auctions if it sells enough extra debt in a “non- competitive” auction, according to Glas Securities, which specializes in fixed-income markets\"... |
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| Aug 2010 | "Lurking" Central Bank Buying Stabilizes Irish Bonds, Glas Says "Central bank buying of bonds may have helped stabilize the market for Irish bonds after a sell- off this week, according to Glas Securities".... |
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| Aug 2010 | Irish Bond Sell-Off May Be Due to Upcoming Supply An aggressive sell off in Irish bonds in recent weeks may be due to "imminent auction supply" according to Glas Securities, which specializes in fixed-income markets.... |
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| Jul 2010 | Irish Banks May Sell EU15 Billion of Debt Securities, Glas Says "Glas concludes that concerns regarding an inability of Irish banks to term fund between now and September are somewhat overstated." |
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| Jul 2010 | Ireland Sells 1.5 Billion Euros in Bonds as Demand Strengthens "€śIn the context of some of the recent headlines and the Moody's downgrade of Ireland early yesterday, this is an excellent result, fixed-income specialist Glas Securities said in an e-mailed statement.".... |
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| Apr 2010 | Ireland sells 1.5 Billions Euros of Bonds at Auction " 'This is a good outcome given the nervousness in peripheral bond markets in recent days' ".... |
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| Apr 2010 | Ireland to Raise as much as EUR125 Billion to 2015 Glas says " 'We conclude that Ireland's net underlying debt-to-GDP ratio should remain below the European Union average over the next five years' ".... |
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| Mar 2010 | Bond Sellers Must Walk the Walk, Ireland's NTMA says " 'It's not unreasonable to think we could be trading sub-100 by the end of the year. It requires further good news out of Ireland and the other peripheral countries' ".... |
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| Mar 2010 | Allied Irish may swap $4 billion of subordinated debt "An average 60 percent participation would boost equity core tier 1 capital by about 350 million euros, Dublin-based Glas said".... |
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| Feb 2010 | Bank of Ireland, Allied Irish Banks may sell bonds, Glas says "Irish banks may sell bonds guaranteed by the government after the country's National Treasury Management Agency yesterday sold 1.5 billion euros of Irish debt".... |
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| Feb 2010 | Bank of Ireland boosts capital with 1.62 billion-euro bond swap " 'The take-up ratio of 56 percent is a successful result. We would expect further debt management activity in the light of the take-up rate' ".... |
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| Feb 2010 | Bank of Ireland offers 2.9 billion-euro note exchange " 'we would anticipate a high level of participation given the uplift in the coupon and on the basis that the exchange ratio is attractive relative to current market levels' ".... |
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| Dec 2009 | Ireland to cut spending by €6 billion to cap deficit " 'Our initial reaction is that the details should support the growing view that Ireland is now addressing its fiscal and economic challanges.' ".... |
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| Aug 2010 | NMTA's €600m comes cheaper than before downgrade "'The fact that it's 50pc of the size of the August 12 auction certainly helps, but in light of the S&P downgrade, I think it's a very good result,' said Fergal O'Leary at Dublin-based Glas Securities"... |
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| Aug 2010 | NTMA\'s €600m comes cheaper than before downgrade \"\'The fact that it\'s 50pc of the size of the August 12 auction certainly helps, but in light of the S&P downgrade, I think it\'s a very good result,\' said Fergal O\'Leary at Dublin-based Glas Securities\"... |
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| Aug 2010 | Irish bank credit-default swaps rise on ratings cut concerns "'Historically if the sovereign rating is cut, it naturally follows that banks operating in the nation and companies strongly reliant on the government are typically downgraded as well,' said Fergal O'Leary, a director at Glas Securities Ltd in Dublin, which specialises in fixed income".... |
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| Aug 2010 | NTMA may ask banks to underwrite future bond auctions "Describing Tuesday's bond auction as 'very well-received', Glas said 'if market conditions allowed, a syndicated deal may also be considered before year end'".... |
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| Aug 2010 | NTMA may consider syndicated sale If market conditions allowed, a syndicated deal may be considered before year-end, the Dublin-based firm said in a note today".... |
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| Aug 2010 | Ireland sells €1.5bn of bonds at auction "The bottom line is that Irish bonds represent good value after the recent sell-off. The NTMA is now in a strong position to look at pre-funding for 2011... |
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| Aug 2010 | Flat trading on ISEQ as the pace of growth in US slows "Allied Irish Banks had another bad day, losing 4.26pc to fall back to 90c after Glas securities said the bank may struggle to pass the proposed EU stress tests".... |
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| Jun 2010 | NAMA effect will give peripheral Ireland a boost in capital markets "All told, the state-guaranteed institutions need to refinance a total of €51bn of bonds that are due to mature this year, according to Glas Securities".... |
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| Jun 2010 | NTMA set for new fundraising in bond sale "The markets reated calmly to yesterday's news of new bond sales, said Fergal O'Leary of Glas Securities".... |
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| Jun 2010 | Government gets approval for extension of bank guarantee "Glas Securities, said the country's lenders would be looking to raise €30bn to €35bn at a maximum this year, but would really only need to raise between €20bn and €25bn".... |
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| May 2010 | ECB has started buying up Irish bonds "Glas Securities, which monitors Irish bond sales, said it expected healthy demand at today's auction, particulartly in terms of bid-to-cover ratios, which show how much demand there is compared to the amount of debt available.".... |
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| May 2010 | NTMA raises €1.5bn in bond sale " 'In the context of recent nervousness in peripheral European government bond markets, this is a good result' ".... |
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| Apr 2010 | Irish bond sale raises €1.5bn at auction " 'The NTMA should be happy with this result' ".... |
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| Mar 2010 | AIB bolsters capital by €445m in bond exchange "Debt analysts at Dublin-based Glas Securities said last week they believed AIB could raise an additional €150m through further 'debt management' ".... |
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| Mar 2010 | Ireland borrows €1bn at lowest rate since '08 crises "Jim Ryan said: 'It's not unreasonable to think we could be trading below one percent over Germany by the end of the year' ".... |
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| Feb 2010 | ISEQ rides wave of global optimism for a second day "Bank of Ireland rose 0.8pc to €1.31 while Irish Life & Permanent was up 3.7pc at ?2.87 after Dublin-based Glas Securities said Irish banks might sell bonds guaranteed by the Government".... |
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| Feb 2010 | Irish shares continue winning streask "The bank [Bank of Ireland] would make a capital gain of about €800m if the offer to exchange lower tier 2 bonds is fully subscribed, according to Glas Securities".... |
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| Aug 2010 | Demand for Irish debt high despite S&P downgrade "Before yesterdays auction, the debt agency said it was seeking to raise €400-600 million, around half of the usual auction amount. The total value of the sale of the two bills was at the upper limit of €600 million. This was less than the €billion raised on August 12th. 'In light of the S&P downgrade, I think it's a very good result,' said Fergal O'Leary at Dublin-based Glas Securities"... |
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| Aug 2010 | Anglo uncertainty driving debts costs, says Honohan In a research note today, Glas Securities said "Irish banks, which have about €30 billion euros of debt securities maturing in September, don't have 'a gun to their head' on funding".... |
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| Aug 2010 | NTMA 'may consider bank bond sale' "Glas Securities, which specialises in fixed-income markets, said the deal could be considered before the end of the year, depending on market conditions".... |
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| Aug 2010 | Borrowing costs rise as market hits Irish bonds "Glas Securities, which specialises in fixed-income markets, said the buying may have helped to stabilise the market for Irish bonds"... |
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| Aug 2010 | NTMA to test bond market "Glas Securities said the the buying may have helped stabilise the market for Irish bonds which specializes in fixed-income markets".... |
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| Jul 2010 | AIB's capital raising may lead to failure in EU stress tests "AIB may find it difficult to pass EU stress tests as its capital raising will not be finished before the results are due, according to Glas Securities, which specialises in fixed-income markets".... |
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| Jun 2010 | Banks' €74.2bn debt to mature by September "The guaranteed financial institutions have also raised €19 billion so far this year under the extended guarantee, according to fixed-income broker Glas Securities".... |
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| May 2010 | IMF to focus on impact for State of bailout and guarantee "The domestic banks have to refinance €25 billion in debt in September covered under the guarantee and have raised ?19 billion this year under the extended guarantee, according to fixed-income bond specialists, Glas Securities".... |
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| May 2010 | Sharp tightening of sovereign spreads "Ireland's National Treasury Management Agency may now push ahead with a planned bond auction next week in the wake of the rescue package, according to Glas Securities..." |
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| Apr 2010 | Behind the Facade "With opportunities thin on the ground, particularly at a senior level, many banking executives are pushing ahead themselves...." |
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| Mar 2010 | NAMA to issue dollar bonds "The issuing of dollar and sterling bonds to the institutions will 'mitigate foreign exchange risk' within Nama's loan portfolio, said Michael Cummins".... |
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| Mar 2010 | AIB debt restructuring raises €445m in capital " 'This is an important first step in AIB's capital-raising strategy' said Fergal O'Leary, a director of Dublin firm Glas Securities".... |
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| Mar 2010 | AIB raises €3bn from State-guaranteed bonds "AIB has raised between 66 per cent and 75 per cent of its total expected funding requirements for 2010, according to Glas".... |
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| Mar 2010 | Banking on bad times for lenders "life will remain difficult in Irish retail banking 'until confidence is fully restored in the Irish banks and the marketplace' ".... |
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| Feb 2010 | EBS plans to borrow €1bn on sale of bond " 'The investor community seems well disposed to Irish fixed income at the moment' ".... |
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| Aug 2010 | Sunday Business Post: The key hurdles now facing Ireland \"Irish bonds experts Glas Securities estimate that the banks need to raise around €15 billion by the end of the year\"... |
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| Aug 2010 | Sunday Business Post: Why the banks need the guarantee "according to estimates by bond experts Glas Securities, banks have already raised about €19 billion this year"... |
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| Aug 2010 | Sunday Business Post: Nama haircuts leave INBS short €3.4bn "Glas identified that almost 1 billion of Irish Nationwide's debts would mature during 2010,but that the society had transferred only ?1.3 billion in loans to Nama so far, receiving approximately ?400 million in Nama bonds in return".... |
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| Jul 2010 | Sunday Business Post: Ireland is caught in a debt dilemma "Unless conditions turn very nasty and lead us to have to dip into our cash reserves pile, bond experts Glas Securities expect the NTMA to try to raise about ?10 billion by the end of 2010".... |
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| Jul 2010 | Sunday Business Post: State's cost for Anglo may reach €25bn "Dublin-based Glas Securities said Anglo may need additional capital over time, based on its assessment of the likely haircut on Anglo loans".... |
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| May 2010 | Sunday Business Post: Funding crux for the banks "bond expert Glas Securities estimates that the banks had €51 billion in maturing longer term (ie, a year or longer) bonds this year, out of total bond liabilities of €115 billion".... |
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| May 2010 | Sunday Business Post: Credit crunch: the seques "Glas Securities has estimated that the Irish banks need to raise about €30 billion this year, of which they have already raised close to €19 billion...." |
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| Apr 2010 | Sunday Business Post: Another week older and deeper in debt "Bond market experts Glas Securities estimates that the government will need to raise more than €25 billion in new lending this year....." |
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| Apr 2010 | Sunday Times: So much for a line in the sand "Bond expert Jim Ryan of Glas Securities, said the hardline, 'one step' approach to bank restructuring drew a positive reaction abroad and Irish sovereign debt 'ticked up' ".... |
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| Mar 2010 | Sunday Business Post: Burning the bondholders, the options "A recent analysis by Glas Securities estimated that there was close to €13 billion in outstanding subordinated debt in the six institutions...." |
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| Aug 2010 | Irish Examiner: Bank shares recover from early losses after credit rating downgrade panic \"Fergal O\'Leary, a director at Dublin-based Glas Securities said historically if the sovereign rating is cut, it naturally follows that banks \'operating in the nation and companies strongly reliant on the Government are typically downgraded as well\'\"... |
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| Jul 2010 | Irish Examiner: EU pressure on AIB as capital raising not finished "AIB may find it difficult to pass European stress tests, as its capital raising won't be finished before results are due, says Glas Securities, which specialises in fixed-income markets"... |
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| Mar 2010 | Irish Examiner: Banks to learn of NAMA details "Allied Irish said it will offer bond investors as little as 74% of face value to swap $3.96 billion of floating- and variable-rate notes for higher-yielding debt in an effort to "optimise" its capital. An average 60% participation would boost equity core tier 1 capital by about €50m, Glas said".... |
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