BoI may issue 7-year bond today

Bank of Ireland could go to the market as early as today with a seven-year covered bond.

It has mandated Citigroup, Danske Bank, Deutsche Bank, Nomura and Royal Bank of Scotland to handle the euro-denominated bond issue, which is expected to be rated investment grade Baa3 by Moody’s credit ratings agency and A (low) by DBRS credit ratings agency, subject to market conditions.

The bank has given no guidance on how much it plans to raise, although it is believed that will depend on market conditions.