Bank of Ireland raises $1 billion in return to US dollar bond market

6 May 2026: Bank of Ireland has successfully raised $1 billion through its first US dollar-denominated debt issuance in more than two years.

The transaction attracted strong investor interest, with demand exceeding $5.4 billion from approximately 150 investors.

The bonds were priced at US Treasuries plus 93 basis points, representing the tightest ever Irish Senior US dollar Holdco debt issuance.

The bonds have a final maturity of six and a half years and a yield of c. 5%. The Bank’s last US dollar issuance was March 2024.

The bonds will qualify as eligible liabilities under the Bank’s minimum requirement for own funds and eligible liabilities (MREL), a regulatory requirement for banks.

This is Bank of Ireland’s third debt issuance of the year following a €500 million Tier 2 bond issued in January and a €750m Senior bond issued in March.

Tony Morley, Group Treasurer at Bank of Ireland, said: “This issuance represents a very successful return to the US dollar market for Bank of Ireland. The quality and strength of demand for this bond reflects continued investor confidence in the Bank and highlights our ability to access international capital markets, building on the positive momentum from our €750 million green bond issuance earlier this year.”

The joint lead managers for the transaction were Davy, Citi, J.P. Morgan, Mizuho, Morgan Stanley, and UBS Investment Bank.