Bank of Ireland raises €750 million of 5 year senior unsecured funding Strong investor demand for the Group’s unsecured transaction

Key highlights

Bank of Ireland launched a successful €750 million 5 year senior unsecured fixed rate transaction
The high level of investor demand for this 5 year senior unsecured transaction strongly underlines the Group’s on-going ability to access funding from international capital markets at improving prices
Today’s transaction is the latest in a series of successful covered bond trades, senior and subordinated debt issuance by the Group over the past 14 months
This sustained access to international funding markets is a vote of confidence by bond investors in Bank of Ireland and reflects the material progress being made by the Group
The transaction attracted strong investor demand
- Issue was more than 5 times oversubscribed order book of €3.75 billion
- Pricing of 210 basis points over 5 year mid swaps
- Yield of 3.337%
- Issue sold to a well-diversified range of 240 investors, with 97% of the trade placed with international investors
Lead investment banks on the transaction were Citibank, Deutsche Bank, Morgan Stanley, Nomura and Royal Bank of Scotland

Bank of Ireland today (8 January 2014) announced it has raised €750 million of 5 year unsecured funding through a highly successful Euro fixed rate transaction.

Today’s transaction strongly underlines Bank of Ireland’s on-going ability to access capital markets at improving prices since returning to the public bond markets with a range of covered bond trades, as well as senior and subordinated debt issuance over the past 14 months

In addition to debt issuance, the Group’s CoCo was refinanced from Government to private ownership in January 2013, and in December 2013, the Group fully reimbursed the State for the €1.8bn 2009 Preference Shares.

Today’s deal was extremely well received by investors. Order books were oversubscribed at €3.75 billion and the issue was sold to a well-diversified range of 240 investors across geographies with 97% of the trade sold to investors outside of Ireland. The yield on this 5 year senior unsecured trade is 3.337%.

Overall, the trade is a vote of confidence by international bond investors in Bank of Ireland and Ireland and reflects the significant progress which has been made and is being made by the Group and Ireland.

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