Bank of Ireland - First Irish issuance of HoldCo subordinated debt

Davy Research
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Bank of Ireland’s successful return to the subordinated debt market highlights how the cost of achieving its bail-in-able debt (MREL) requirement over the next few years looks increasingly manageable. Final pricing of both the US dollar and sterling Tier 2 bonds tightened by 15-30bps versus initial thoughts and both order books were well oversubscribed, highlighting the breadth of investor support in the credit market.