BoI plans to sell benchmark bond

BANK of Ireland, the country’s second biggest company by market value, plans to sell a benchmark, sterling-denominated Lower Tier II bond soon.

The fixed-to-floating rate bond is expected to be launched early next week, subject to market conditions, the bank said in a statement.

BoI official Deirdre Hogan said the bond will be fixed-rate until its first call date, when it will switch to paying a floating-rate coupon.