The parent of Irish Permanent International, the Isle of Man offshore banking subsidiary, raised the €2bn through the issue of a public fixed-rate bond.
The five-year bond was priced at a margin of 160 basis points over mid-swap rates and was oversubscribed. The company said it attracted strong international support from 130 investors including leading institutions, primarily in Europe.
The bond was the second issued by Irish Life & Permanent under the terms of the Eligible Liabilities Scheme (ELG) which began in December. The first bond issued under the ELG Scheme raised $1.75 billion in January.
Philip Murray, managing director of Irish Permanent International on the Isle of Man, said: “The continued success of our group bond issues is great news for Irish Permanent International and our deposit business in particular.”
