Bank of Ireland raises €250 million of new Lower Tier 2 capital

Key highlights

• Bank of Ireland launched a highly successful EUR 250 million 10 year Lower Tier 2 capital issuance.
• The bond carries a coupon of 10%.
• The transaction follows Bank of Ireland’s highly successful Asset Covered Securities (covered bond) issue in mid-November 2012.
• The issue marks a further important step for Bank of Ireland in achieving normalised capital markets access.
• Investor feedback was very positive – the order book was oversubscribed at 3 to 4 times the issuance amount.
• Lead investment bank on the transaction was Deutsche Bank AG, London Branch.
• Today’s trade is a significant vote of confidence by international bond investors in Bank of Ireland and Ireland. This further reflects the material progress made by the Group and the economy.
• The issue further supplements the Bank’s capital position.

Bank of Ireland today (12 December 2012) announced that it has raised EUR 250 million of Lower Tier 2 Capital at 10% with a maturity of 10 years. The transaction was three to four times oversubscribed. Today’s trade is a significant vote of confidence by international bond investors in Bank of Ireland and Ireland. This further reflects the material progress made by the Group and the economy.

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