Bank of Ireland plans €625 million fixed-rate perpetual securities

By Wendy Van Sickle

Columbus, Ohio, May 14 – Bank of Ireland Group plc is planning an offering of €625 million fixed-rate reset perpetual callable temporary write-down securities (expected: Ba2), according to a filing with the London Stock Exchange.

UBS Investment Bank is the global coordinator for the Regulation S additional Tier 1 transaction and a joint lead manager along with BofA Securities, Citi, Credit Suisse and J.P. Morgan.

The stabilization period is set to run from May 14 through June 19.

Proceeds are planned to be used to refinance the bank’s 7 3/8% securities (ISIN: XS1248345461) due in 2020.

The issuer is a Dublin-based commercial bank.

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