Bank of Ireland C$ exchange slightly below par at 44%

Bank of Ireland had 44.67% of its C$400m 2015 lower tier two issue submitted for exchange to an eight year non-call three issue, paying a coupon of 8.5%, at a ratio of 81.25%. This means Bank of Ireland will issue a face value of C$145m in the new bond. BofI opened the offer on September 7, and published the results on Thursday.