BoI prepares to offer bond swap
BANK of Ireland has announced a plan to exchange some of its subordinated bonds for new bonds.
The bonds involved had an original face value of around €3.1bn.
Under the proposal, the bank would offer bondholders a total of up to €1.5bn in new 13-month Government-guaranteed senior bonds.
The move is aimed at boosting Bank of Ireland's capital strength. The bank needs to raise an additional €2 billion to meet new targets set by the Central Bank.
The offer started today and the results are expected to be known on December 17.