Bank of Ireland has raised €750 million in funding through a five year unsecured bond.

The bank said the trade secured a yield of 3.337%, with the order book oversubscribed at €3.75 billion.

The vast majority of the 240 investors were from outside of Ireland, according to the bank, which said the transaction “strongly underlines” the bank’s ability to access markets at “improving prices”.

Last month the bank repaid the State €1.8 billion for the preference shares it issued in 2009.