BoI’s raising of €344m in bond sale a positive move, says Davy

BANK of Ireland’s raising of £300 million (€344m) in a three-year bond was described yesterday as apositive development by a leading Irish banking analyst.

But the three-year issue was achieved at a price given that it cost 4.4% above the normal rate, said Emer Lang of Davy Research.

Weekend reports suggested the bank is about to raise a further €50m to €70m for the sale of Bank of Ireland Asset Management to State Street, a move that will give a modest boost to the bank’s capital base.