Bank of Ireland raises €750m from sale of mortgage-backed debt

Bank of Ireland said on Wednesday it raised €750 million following a debt sale issued by the bank's mortgage division.

The seven-year secured funding is secured by a pool of Irish residential mortgages in an instrument traditionally known as a mortgage-backed security.

Led by investment banks Barclays, Credit Suisse, Deutsche Bank SG CIB and UniCredit, Bank of Ireland suggested there was high quality investor demand for the bond.

In a statement the bank noted the bond was compliant with the European-covered bond council, a body backed by European issuers or banks, that aims to highlight quality in certain bonds.

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The pricing of the bond 6 basis points below interest rates being offered by the market for seven-year instruments put its yield at 0.694 per cent

“The high quality of investor demand for this seven- year covered-bond strongly underlines the group’s ability to access funding from international capital markets,” Bank of Ireland said.