Bank’s €1bn bond oversubscribed

Bank of Ireland’s €1bn covered bond was 3.6 times oversubscribed, with the price 120 basis points above three-year mid swaps.

This represents a significant reduction in pricing on previous Bank of Ireland issues over the past year.

The bond has a 3.5-year maturity and is backed by the bank’s Irish mortgage book. It had a coupon of 1.85%.