CreXus Downgraded at Deutsche, Bank of Ireland Conducts Bond Sale: Financial Business Recap
Shares of CreXus Investment Corporation (NYSE:CXS) were downgraded from Buy to Hold at Deutsche Bank on Tuesday, following the offer of $12.50 per share on Monday by Annaly Capital Management (NYSE:NLY) for all outstanding shares of the former, and also, the price target was elevated from $12 to $12.50. No further bidders are expected, and the analyst expects that the offer will be accepted.
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The Bank of Ireland (NYSE:IRE) has conducted its first public bond sale within two years on word that it’s prepared to leave a state guarantee plan, along with saying anew that it anticipates loan losses will shrink. The company is Ireland’s biggest lender by assets, and a statement released Tuesday indicated that it sold 1 billion euros, or $1.27 billion, of three- year, Irish residential mortgage-covered bonds, which was twice its minimum target. The Bank added that “This transaction marks an important step for Bank of Ireland in returning to a more sustainable funding position and reducing reliance on monetary authority borrowings.” Citigroup (NYSE:C) and Morgan Stanley (NYSE:MS), among others, were mandated to carry out the transaction.
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