Bank of Ireland secures €2.5bn after bond issue

BANK of Ireland has raised €2.5 billion in five year long term funding at a fixed rate of 4%.

This is a five-year senior unsecured Government guaranteed fixed rate transaction which was well oversubscribed, with €3.3bn worth of offers on the table within four hours, the bank said in a statement last night.

As a result the debt initially expected to cost 1.5% above the mid-market rate was secured at cost of just 1.45% over that rate.