Bank Of Ireland Raises EUR750mn Tier 2 Capital Through Bond Issue
News: Bank of Ireland has raised EUR750mn (USD1.02bn) of tier 2 capital through a 10-year bond, which carries a coupon of 4.25%. The estimated cost of approximately 2bps per annum will be reflected in the group's net interest margin from the settlement date of June 11. The bond issue will enhance the bank's total capital position, with the pro forma total capital ratio being 15.5% as per Basel III transitional basis, after reflecting the new EUR750mn (USD1.02bn) tier 2 issuance. Bank of Ireland stated that the issuance received a positive response with the order book being oversubscribed by more than five times and 97% of the issue subscribed by international investors.