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Bank of Ireland raises USD 1 billion in Asian targeted deal

    Key Highlights

    • Bank of Ireland launched a highly successful USD 1 billion deal targeted at Asian Institutional investors
    • In this deal Bank of Ireland raised USD 1 billion of term funding
    • This deal represented an inaugural transaction for Bank of Ireland targeted at the Asian investor base
    • Deal represents the first Irish Government Guaranteed transaction targeted at Asian institutional investors
    • Deal was priced at 190 basis points over USD mid swaps
    • Oversubscribed order book of USD 1.4billion
    • 92% of $1billion transaction was sold to Asian investors
    • Issue sold to well-diversified range of 48 investors
    • Issue rated Aa1/AA ratings by Moody's and Standard & Poor's (expected)

    Bank of Ireland Group today (28 August 2009) announced that it has raised a further USD 1 billion of term funding through a successful USD denominated Government Guaranteed fixed rate transaction targeted to the institutional Asian investor base. This transaction is a result of reverse enquiries following an extensive series of investor meetings held by Bank of Ireland across the Asian region in recent weeks.

    Today's deal was oversubscribed with a final order book of USD 1.4billion. An impressive 92% of the transaction was placed to institutional investors in the Asian region. A total of 48 investors participated in the transaction.

    The issue was diversified across investor type with 72% issued to Private Banks/Banks, 20% to Central Banks/Official Institutions and the remaining 8% to Fund Managers.

    Following this deal, Bank of Ireland has now raised €6billion of term funding in the wholesale markets since 1 April 2009. Bank of Ireland is the first Irish bank to issue a transaction in the Asian market under the Government Guarantee.

    The issue carries a coupon of 2.5%, equivalent to 190 basis points over USD mid swaps and will carry Aa1/AA ratings from Moody's and Standard & Poor's, as the note has been issued within the scope of the Irish Government Guarantee.

    Ends

    28 August 2009

    For media queries contact:

    Dan Loughrey
    Head of Group Corporate Communications
    Bank of Ireland
    Tel: +353 1 604 3833