Bank of Ireland successfully raises €750m of long term secured funding

Bank of Ireland Group today (07 Mar 2018) announced that it has raised €750m of 7 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 Irish residential mortgages and is ECBC Covered Bond Label Compliant.

Key highlights

  • Bank of Ireland successfully issued a €750m 7 year Euro fixed rate Irish covered bond / Asset Covered Security (ACS).
  • Secured by Irish residential mortgages and ECBC Covered Bond Label Compliant.
  • The high quality of investor demand for this 7 year covered bond strongly underlines the Group’s ability to access funding from international capital markets.
  • Pricing of 6 basis points under 7 year mid swaps equates to a yield of 0.694%.
  • Lead investment banks on the transaction were Barclays, Credit Suisse, Deutsche Bank, SG CIB and UniCredit.