Ireland Sells Rest of Its Bank of Ireland CoCos to Investors

Ireland’s government said it sold its entire 1 billion euros ($1.3 billion) of so-called contingent convertible capital notes in Bank of Ireland Plc as investors bid for almost five times the amount on offer.

The sale was completed at a 1 percent premium to par value, and the proceeds will be used to lower the nation’s debt, Finance Minister Michael Noonan told reporters in Dublin today. The government received 4.8 billion euros of orders for the notes, which are a form of fixed-income security that convert into stock automatically if capital levels fall.