AIB has issued €500 million in debt, attracting bids of more than four times what was on offer.

The fixed rate senior unsecured debt issue, which matures in five years, had a coupon of 2.75 per cent.

The deal, which was arranged by Bank of America Merrill Lynch, Deutsche Bank, Goldman Sachs International, Morgan Stanley and Nomura, attracted attention from a range of international investors, the company said, with more than 170 investors taking part. The bulk of the debt was snapped up by international investors, at 96 per cent.

The bank said the debt issue reflected its continued progress and improving funding position, pricing and access to capital markets.

Today’s issuance marks the latest in a number of funding transactions for the bank since November 2012, including four covered bond issuances, two senior unsecured issuances and a credit card securitisation, totalling €3.5 billion.