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Irish Bank Joins Shift Away from English Law Ahead of Brexit

  • Lender sold 500 million euros of AT1 bonds with 5.25% coupon
  • New bonds governed by Irish law as issuers shun English law
Daily life in Dublin

Photographer: Artur Widak/Getty Images

Irish lender AIB Group Plc added its name to a growing list of borrowers shunning English law for their riskiest bank bonds in preparation for life after Brexit.

The state-owned bank used Irish law for a sale of contingent convertible bonds on Wednesday that are set to replace its existing English-law governed notes.