Bank of Ireland today raised £300 million in long-term funding under the Government guarantee.
The three-year bonds were priced to yield 440 basis points more than the benchmark mid-swap rate. Bank of Ireland will pay a fixed coupon of 5.75 per cent for this funding.
This is the bank's first benchmark sized issuance in sterling under the bank guarantee scheme.
The issue is rated as Aa2 by Moody's, and AA- by Standard & Poor's.
"This demonstrates the group's continued ability to access term funding in the wholesale markets," the bank said in a statement.