Thu, Sep. 17, 4:49 AM
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Jun. 6, 2014, 2:28 PM
- Upgrading Ireland's sovereign debt rating to A- fro BBB+, S&P writes: "The upgrade reflects our view of the brightening prospects for Ireland's domestic economy, which we expect to underpin further improvements in the government's financial profile, capital markets access, and financial system asset quality."
- The agency gives a one-in-three chance of another upgrade in the next two years.
- Bond markets long ago upgraded Ireland, and the yield on its 10-year paper at 2.45% trades below that of the U.S. Interesting times.
- ETFs: EIRL
- CEFs: IRL
Jan. 6, 2014, 9:43 AM
Nov. 27, 2013, 3:53 PM
- Never mind a 40% gain YTD, the iShares MSCI Ireland Capped ETF (EIRL) is getting a new underlying index thanks to the shrinking number of eligible stocks trading in Dublin. With more investors and liquidity in London and NYC, the Irish stock exchange has lost a number of key listings over the last few years, bringing the number of stocks in EIRL's tracked index to just 14.
- The new index leaves a bit more wiggle room, including companies doing significant business in Ireland, along with those domiciled there, resulting in 24 constituents.
- The closed-end New Ireland Fund (IRL) is ahead 35% YTD.
Nov. 14, 2013, 7:51 AM
- Ireland goes commando, setting the December 15 exit from its 3-year €67.5B bailout without a credit line from the EU. Finance Minister Michael Noonan suggested a couple of months ago Ireland might ask for a €10B credit line from the troika, but lines cost money even if not used, and come with strings like continued foreign oversight of the country.
- The New Ireland Fund (IRL) is ahead 36% YTD.
- The Bank of Ireland (IRE) is up 124% YTD and up 0.3% premarket.
- Full government statement
Nov. 7, 2013, 5:10 AM
- The Troika is due to approve the final funds of Ireland's €85B ($114B) bailout later today, which would allow the country to become the first to exit its rescue process, a move it could make by the end of the year.
- A question remains over whether Ireland will request a precautionary credit line when the bailout ends. The government has indicated that it may not, as it has enough funding to take it to 2015. It's also worth noting that debt yields are at 3.5%.
- Still, Ireland continues to have big problems, while there's also concerns about the health of its banks.
- ETFs: EIRL, IRL
Oct. 13, 2013, 2:29 AM
- Ireland is set to become the first eurozone country to exit a bailout program, with Prime Minister Enda Kenny saying that the nation will leave its €85B scheme on December 15.
- Ireland may exit without the insurance policy of a precautionary credit line, which would stop the country from obtaining funds from the European Central Bank's Outright Monetary Transactions program of government bond purchases, but would also reduce the the conditions involved and the close monitoring from EU officials.
- ETFs: EIRL, IRL
- Bank of Ireland: IRE
Sep. 23, 2013, 3:54 PM
- Moody's decision to lift Ireland's debt rating to stable from negative still leaves the country with an "undeserved" junk rating of Ba1, writes Richard Barley. Nevertheless, it's a significant step in that it's Moody's first positive action on one of the EU's periphery since the financial crisis. Moody's has been the toughest on Europe's troubled countries, and other agencies still have Ireland firmly in investment-grade territory.
- The most important part of the move seems to be how Ireland's fate now rests in its own hands, rather than eurozone considerations, and Moody's has finally conceded the country is at much-reduced risk of losing access to financial markets again. In fact, Irish 10-year paper yields less than similar Spanish or Italian maturities.
- The New Ireland Fund (IRL -0.3%) is up 30% YTD. Bank of Ireland (IRE +0.9%) is up 80%.
Mar. 17, 2013, 3:47 AMEurozone finmins have agreed to give Ireland and Portugal more time to repay their bailouts as a reward for their good behavior vis-a-vis austerity. The decision comes after Ireland enjoyed a stunningly successful return to the markets last week with a sale of 10-year debt. | Mar. 17, 2013, 3:47 AM | 1 Comment
Mar. 13, 2013, 8:09 AM
Mar. 13, 2013, 7:13 AMIreland reportedly drew at least €7B in bids in its first sale of 10-year notes since the 2010 bailout. The paper was priced to yield 245 bps more than mid-swaps - suggesting a yield of 4.25-4.35% - and the government hopes to move about €3B worth. IRL +13.4% YTD. | Mar. 13, 2013, 7:13 AM | 1 Comment
Jan. 11, 2013, 7:25 AM
Jan. 7, 2013, 10:24 AM
Nov. 19, 2012, 8:48 AMFranklin Templeton - led mostly by fund manager Michael Hasenstab - upped its holdings of Irish debt by more than a third in Q3, and now controls nearly a tenth of the entire market. "It's beyond the scale of comprehension in a small periphery-market," says a rival fund manager. Is the 'improvement" in Ireland real, or is it the result of the buys of a well-funded gorilla? (earlier) | Nov. 19, 2012, 8:48 AM | Comment!
Nov. 14, 2012, 12:15 PMThe warning Ireland could make like Greece and inflict losses on holders of its debt is lifted by Moody's as the country nears returning to the public bond markets. The removal of this warning is likely a precursor to the agency raising Ireland's debt rating out of junk status, says Davy strategist Donal O'Mahony. | Nov. 14, 2012, 12:15 PM | Comment!
Sep. 20, 2012, 8:28 AM"Ireland faces an almost impossible task to get back to fiscal balance," says Citigroup's Michael Saunders, issuing a warning to those buying into one of the planet's best-performing bond markets this year. Fiscal reform is nice, he says, but "the math becomes difficult" if economic growth doesn't return. | Sep. 20, 2012, 8:28 AM | Comment!
IRL vs. ETF Alternatives
The Funds investment objective is long-term capital appreciation through investment primarily in equity securities of Irish companies. The fund is designed for U.S. and other investors who wish to participate in the Irish securities markets. In order to ta
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