| Glas Securities to target Irish sovereign bond market |
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Glas Securities, has been founded by two IFSC fixed income professionals, Jim Ryan, formerly of Depfa, and Fergal O’Leary, formerly of Citigroup’s fixed income distribution operation in Dublin, prompted by the increase in Irish Government debt issuance. The firm provides origination, research and advisory services and concentrates exclusively on fixed income markets with a particular focus on Irish Government bonds and Irish investment grade debt.
O’Leary said ‘In the 10 years up to 2008, Ireland’s borrowing requirement averaged less than €5bn per annum. Having risen sharply to €35bn in 2009, the anticipated issuance in 2010 is €15-20bn and it is expected to remain above the historic average for the foreseeable future… we judged that it was the right time to establish an indigenous firm dedicated to Irish debt.’
The increased issuance in Irish Government bonds has also seen an expansion of the Irish Government bonds primary dealer network to 12 from the 2007 level of 8. To take into account the growing importance of the Irish sovereign debt market there are new categories in this year’s Finance Stockbroking Survey that rank the primary dealers, subscribers can view all of the results of the primary dealer questions on http://www.financedublin.com/surveys_and_awards.php |
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