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AIB raise E500m with 7-year bond

Wednesday, March 19 15:16:21

AIB Mortgage Bank (AIBMB) today agreed a E500 million 7-year secured ACS bond issue under its E20 billion Mortgage Covered Securities Programme.

AIBMB is a wholly owned subsidiary of AIB.

This bond deal was priced at a spread over mid-swaps of 95 basis points at an absolute yield level of 2.33pc.

The deal was well placed across around 140 international investors from 20 countries and was almost 5 times oversubscribed.

This is the longest dated benchmark public ACS bond issuance by AIB since 2007 and further extends its maturity funding profile, the bank said.

"The level of demand for the transaction is a vote of confidence from international investors in the progress that AIB has made and further demonstrates AIB's ability to consistently access markets at competitive pricing levels on an ongoing basis," an AIB statement said.