Bank of Valletta today announced a successful issue of Senior
Non-Preferred Notes. This will enable the Bank to further
strengthen its capabilities to meet regulatory requirements for
eligible liabilities, thereby allowing it to grow its lending book
and treasury assets.
The issue attracted an order book of around €460 million,
of which approximately €230 million coming from domestic
investors. The issue was closed at €350 million. This was a
first for Bank of Valletta, making its debut in the international
debt capital markets.
Given their complexity, the Notes were not available to the
retail market, but could only be subscribed for by professional
investors and eligible counterparties for a minimum of
€100,000. The final maturity date of the Notes is 6 December
2027. The Notes were rated by Fitch as BBB-. The coupon was set at
the fixed rate of 10% per annum, which was in line with inaugural
issues of similar rating and size in the international markets.
