Bank of Ireland completes fourth successful debt issuance of 2026 at record low credit spread

18 September 2026 – Bank of Ireland has successfully raised €750m million through a new green Tier 2 bond issuance, securing the tightest credit spread ever for an Irish bank on a Tier 2 bond. The transaction attracted strong demand from investors, with orders reaching more than seven times the amount ultimately allotted.

The bonds were priced at 130 basis points (bps) over mid swaps, representing a tightening of 30bps from the starting price guidance of MS+160bps. Orders exceeded €5.8 billion with participation from approximately 250 investors. The bonds have a maturity of 10.5 years and pay a fixed coupon of 4.75%.

This is Bank of Ireland’s fourth successful debt issuance this year, following the issuance of a €500 million green Tier 2 bond in January, a €750 million green senior bond in March, and a US$1 billion senior debt issuance in May.

Bank of Ireland’s sustainable finance lending reached €19.3 billion at the end of June, an increase of 25% year-on-year, marking further progress towards the Group’s ambition to deliver €30 billion of sustainable finance by 2030.

Tony Morley, Group Treasurer at Bank of Ireland, said: “Against a backdrop of ongoing geopolitical uncertainty and market volatility, this transaction reflects strong investor confidence in Bank of Ireland’s strategy, financial strength and long-term prospects. The issuance further supports our regulatory capital position, enabling us to continue lending to households and businesses while advancing our ambition to deliver €30 billion in sustainable finance by 2030.”

Davy, BofA Securities, HSBC, J.P. Morgan, Morgan Stanley, and UBS acted as bookrunners for the transaction.

ENDS

Note to editors:

New corporate bond issues are typically priced relative to “mid swaps” (MS), the midpoint between bid and offer rates in the interest-rate swap market. Pricing is usually expressed as a spread, or amount above this benchmark, such as ‘MS +150bps’, where 100 basis points equals one percentage point.