| Stg?350 million tier one deal for BOI |
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Bank of Ireland UK Holdings plc, a fully owned and controlled subsidiary of the Bank of Ireland, has launched and priced an issue of tier one fixed rate guaranteed callable perpetual preferred securities denominated in sterling.
The preferred securities have been priced at a spread of +192 bps over the 8.0 per cent June 2021 UK treasury stock and with an issue price of 99.443 per cent. The coupon has been set at 6.25 per cent payable annually in arrears until the first reset date in 2023.
Payments on the preferred securities are guaranteed on a subordinated basis by The Governor and Company of the Bank of Ireland.
The securities will be listed on the Luxembourg Stock Exchange. The net proceeds from the Stg350 million issue will be used for the development and expansion of the business of the Group and to strengthen its capital base. Barclays Capital is sole bookrunner on the transaction, with Davy Stockbrokers as senior co-lead manager and Cazenove & Co. Ltd. as co-lead manager. |
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| Article appeared in the May 2003 issue.
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