Wednesday, April 30 17:22:37
Bank of Ireland today said it has raised E750 million of 3 year unsecured funding through a successful Euro fixed rate transaction.
Today's transaction underlines Bank of Ireland's continued access to capital markets, at reducing costs, over the past 18 months.
The Group has issued a range of debt instruments during this period including covered bonds, senior unsecured and subordinated debt issuance. Also, of particular note, the Group's Convertible Contingent Capital Tier 2 Notes were refinanced from the Government to private ownership in January 2013, and in December 2013, the Group fully reimbursed the State for the E1.8bn 2009 Preference Shares.
Today's deal was very well received by investors. Order books were oversubscribed at c.E1.5 billion and the issue was sold to a well-diversified range of 130 investors across geographies with c.99pc of the trade sold to investors outside of Ireland. The yield on this transaction is 2.073pc.
"Overall, the trade is a vote of confidence by international bond investors in Bank of Ireland and Ireland reflecting the continued significant progress which has been and continues to be made by the Group and Ireland," a statement from the bank said.