Bank of Ireland has raised €750 million in three-year senior unsecured funding.

The bank said yesterday that there was “strong” investor demand for the euro fixed-rate transaction and its completion “underlines” the company’s ongoing access to funding from international capital markets at reducing costs.

This was the latest in a series of covered bond, senior and subordinated debt issuance by the group over the past 18 months.

The issue was two times oversubscribed with an order book of about €1.5 billion.

It was sold to 130 investors, with 99 per cent of the trade placed with international investors.

The bond was priced at 150 basis points over three- year mid swaps, which compares with the group’s last senior unsecured transaction in January 2014 – a five-year €750 million transaction, at 210 basis points over five-year mid swaps.

The yield on the transaction was 2.073 per cent.

The lead investment banks on the transaction were BNP Paribas, Deutsche Bank, HSBC, Morgan Stanley and Nomura.