Bank of Ireland Mortgage Bank on Tuesday became the first bailed-out Irish lender to sell a covered bond in more than two years, the latest sign that banks based in the eurozone's weakest economies are starting to regain access to debt markets.

The bank - considered to be the strongest of the six Irish lenders bailed out after the country's property bubble burst in 2007 - sold €1bn ($1.27bn) worth of bonds that mature in three years time.