Bank of Ireland successfully raises €750m of long term secured funding
Strong investor demand for the Group’s covered bonds at significantly reduced cost
- Bank of Ireland launched a successful €750m 5 year Euro fixed rate Irish covered bond transaction/ Asset Covered Security (ACS)
- The high level of investor demand for this 5 year covered bond strongly underlines the Group’s ability to consistently access funding from international capital markets at very competitive pricing
- The issue attracted very strong investor demand
- Order book of €2.2bn, c.3 times over-subscribed
- Pricing of 80 basis points over 5 year mid swaps
- Yield of 1.82%
- Issue sold to a diversified range of over 140 international investors
- Lead investment banks on the transaction were BNP Paribas, HSBC, Nomura and UBS Investment Bank. Co-leads Davy and Glas Securities.
Bank of Ireland Group today (11 March 2014) announced that it has raised €750 million of 5 year long dated secured funding through a successful Euro fixed rate covered bond issue.
The covered bond transaction was issued by Bank of Ireland Mortgage Bank (BOIMB) under the Irish Asset Covered Securities legislation. The trade is backed by a pool of 100% Irish residential mortgages.
Bank of Ireland has consistently accessed public debt markets at substantially improving prices over the last 17 months, demonstrating the progress being made by the Group and the appetite for Bank of Ireland and Irish credit from international investors.