DUBLIN (Reuters) - Bank of Ireland (I:BKIR) raised 750 million euros (546 million pounds) from the sale of high-risk CoCo bonds on Thursday in a deal that was seven-times oversubscribed, the bank said.
The bonds were sold at a yield of 7.375 percent, with more than 5 billion euros worth of orders, Bank of Ireland said in a statement.
Contingent convertible bonds or "CoCos" are hybrid securities that count as Tier 1 capital under the Basel III international banking regulations.
They behave like bonds but can be written off or converted into ordinary shares if regulators declare a bank's capital has fallen too low, potentially wiping out CoCo holders in the process.
Permanent TSB (I:IL0A) is the only other Irish bank to have issued CoCo bonds. It placed 125 million euros with a small group of investors in April, offering a coupon of 8.625 percent.