Bank of Ireland successfully raises €650m of long term unsecured funding

Bank of Ireland Group (‘BOIG’) (18 November 2019) announced that it has raised €650 million of HoldCo Senior Unsecured funding with a maturity of 6 years, callable after 5 years. This is a Senior Unsecured transaction from our holding company, BOIG plc and the instrument carries a yield of 1.022%. This transaction successfully contributes €650 million to the Group’s MREL requirement.

The issuance was well received by investors with a high quality and well diversified order book that was c.2 times oversubscribed.

Key highlights:

  • Bank of Ireland successfully issued a €650m 6 year HoldCo Senior Unsecured bond, callable after 5 years.
  • The high quality of investor demand for this bond underlines the Group’s ability to access funding from international capital markets.
  • Pricing of 125 basis points over 5 year mid swaps equates to a yield of 1.022%
  • Contributes €650m towards the Group’s MREL requirement.
  • Lead investment banks on the transaction were Bank of America, Credit Suisse, NatWest Markets, Société Générale and UBS Investment Bank.