BoI to issue €500m senior unsecured bond today

Bank of Ireland will issue a €500m senior unsecured bond as early as today as it continues a move back to normal market funding.

The part State-owned bank has mandated Citi, Deutsche Bank, Morgan Stanley, Nomura and RBS for a euro-denominated five-year senior unsecured transaction expected to be rated Ba3/BB+ by Moody’s/S&P.

Bank of Ireland has made a series of issues over the past 12 months for the first time since 2009. Last november it raised €1bn through a covered bond, which was 3.6 times oversubscribed. At the beginning it raised €1.8bn through a hybrid equity/debt deal in order to refinance €1.8bn of Government-owned preference shares.