Graham Fahy is a capital markets reporter at IFR, with a focus on initial public offerings and equity capital raising. Before joining Thomson Reuters, he was an equity trader at Exane BNP Paribas.
The Irish government’s attempt to sell shares in bailed out Allied Irish Banks is being hampered by an argument over the inclusion of deferred tax assets - where past losses can offset future tax liabilities - in its valuation.
The Dutch government returned to the market on Monday with its third sell-down in ASR this year. The latest sale was underpinned by a commitment by the insurer to acquire 3m shares for cancellation plus interest generated by a management roadshow that followed the Q1 results.
Investors are champing at the bit to buy shares in Allied Irish Banks, but getting them to pay what the government has in mind will require some very sweet talk from the bankers tasked with the €3bn share sale.