IL&P raises €470m in Asia

Irish Life & Permanent has raised $600m (€470.5m) in a fundraising exercise in an Asian-targeted issue.

The transaction, which was undertaken by Irish Life & Permanent Group Treasury and jointly managed by HSBC Bank plc and Nomura Bank International plc, is a five-year transaction which will mature in 2010.

Peter Fitzpatrick, The group’s finance director, said: “In recent weeks we’ve undertaken a roadshow across Asia and met many institutions which had never previously engaged in an Irish funding deal like this.

“We’re delighted that they have proven so receptive to our offering and we look forward to exploring further opportunities in this region in the months and years ahead.”

Fitzpatrick confirmed that the monies raised would be used to support permanent tsb’s mortgage-lending in the Irish market.