Bank of Ireland raises Euro 1 billion of long term funding in highly successful transaction
Bank of Ireland Group today (30th April 2009) announced that it has raised a further Euro 1 billion of term funding through a successful tap of its existing September 2010 Government Guaranteed fixed rate medium term note.
- Bank of Ireland launched a successful tap of its September 2010 Government Guaranteed senior unsecured fixed rate medium term note
- In this tap Bank of Ireland raised Euro 1 billion of term funding (original issue size Euro 2 billion issued on 26th November 2008)
- Extremely successful transaction in a volatile market backdrop
- Tap was priced at 185bps over mid swaps
- Global order book close to Euro 1.2 billion
- Issue sold to well-diversified range of investors; 54 in total from 13 countries
- Issue rated Aaa/AA+ ratings by Moody’s and Standard & Poor’s (expected)
Bank of Ireland Group today (30th April 2009) announced that it has raised a further Euro 1 billion of term funding through a successful tap of its existing September 2010 Government Guaranteed fixed rate medium term note. The original public benchmark transaction was issued on 26th November 2008 and raised Euro 2 billion. Bank of Ireland has also raised a further Euro 100 million through a recent reverse enquiry private placement tap of this September 2010 transaction, bringing the total transaction size to Euro 3.1 billion.
Today’s tap was oversubscribed with a final order book of close to Euro 1.2 billion. There was a strong international participation in the tap with circa 80% of orders from outside of Ireland. A total of 54 investors from 13 countries across Europe and the Middle East participated in the transaction. The final allocation of investors included; 35% from France, 19.5% from Ireland, 19% from Germany and Austria, 7% each from the UK and Benelux, 5% from Switzerland, while the remaining 7.5% was placed into other institutional buyers.
The issue was also diversified across investor type with 62% issued to Banks/Bank Treasuries, 22% to Fund Managers, 8% to Insurance Companies, 5% to Central Banks, with the remaining 3% bought by other institutional buyers.
The issue was priced at 185 basis points over mid swaps and will carry Aaa/AA+ ratings from Moody’s and Standard & Poor’s, as the note has been issued within the scope of the Irish Government Guarantee.
30th April 2009
Head of Group Corporate Communications
Tel: 01 604 3833
Head of Group Investor Relations
Tel: 01 604 3501