Tuesday 12 December 2017

Bank of Ireland raises €500m in bond auction

Bank of Ireland chief executive Richie Boucher
Bank of Ireland chief executive Richie Boucher
Ailish O'Hora

Ailish O'Hora

Bank of Ireland has raised €500m in a seven year covered bond - its longest term offering since the financial crisis began.

The move is a further sign of renewed appetite for Irish borrowing as the country prepares to exit the bailout at the end of the year.

The bank said the fund-raising demonstrated its ability to access long-term funding from international capital markets.

Following successful three and five year covered bond auctions in recent months, the offering was over-subscribed with an order book of about €2.3bn in a pricing of 195 basis points over seven year mid swaps.

It was bought up by international investors.

Lead investment banks were Citigroup, Danske Bank, Deutsche Bank, Nomura and RBS.

 

 

 

 

 

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