Bank of Ireland Group today (12 Oct 2015) announced that it has raised €750m of long 5 year 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 and is ECBC Covered Bond Label Compliant.
- Bank of Ireland successfully issued a €750m 5 year Euro fixed rate Irish covered bond / Asset Covered Security (ACS).
- 100% Irish residential mortgages, ECBC Covered Bond Label Compliant.
- The high quality of investor demand for this 5 year covered bond strongly underlines the Group’s ability to access funding from international capital markets at competitive pricing.
- Pricing of 33 basis points over 5 year mid swaps equates to a yield of 0.722%.
- Lead investment banks on the transaction were Citi, HSBC, Morgan Stanley, Nomura and Soc Gen CIB.