New IL&P bond raises €1.22bn

Dublin: Irish Life & Permanent has confirmed that it has raised $1.75 billion (€1.22bn) through the issue of a public fixed rate bond.

The bond was issued for a term of three years and was priced at a margin of 165bps over US dollar swap rates. The issue was significantly oversubscribed, attracting strong international support from investors in the US, Europe and Asia.