Bank of Ireland circles back to euros for cheaper AT1

By Tyler Davies
26 Aug 2020

Bank of Ireland has opened books on its second additional tier one (AT1) in just over three months, as it looks to top up its regulatory capital levels and take advantage of rising valuations for subordinated debt.

Bank of Ireland was the first borrower to re-open the AT1 market after the coronavirus related sell-off this March. 

It sold €675m of perpetual non-call 5.5 year capital with a coupon of 7.5% in May, backed by about €1.4bn of demand. 

The Irish issuer then returned ...

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