INBS raises €750m in guaranteed bond sale

IRISH Nationwide Building Society, whose controversial managing director, Michael Fingleton, retired recently after 37 years at the helm, has raised €750 million through a government guaranteed bond.

It is due to be repaid in September 2010, bankers close to the transaction said.

The 3.5% bonds had to carry a coupon 2% above the benchmark mid-swap rate, the bankers said.