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.

The issue followed approval by the Central Bank of Ireland last September for a base prospectus relating to the establishment of a euro medium term note programme. The Notes are expected to be admitted to trading on the regulated market of the Irish Stock Exchange.

Bank of Valletta is pleased with the outcome of the Notes Issue, with the positive response from investors positioning the Bank as a solid investment opportunity and confirming trust in the Bank's current operations and its strategy for the future, especially when one recognises that this issue came at a time of high market volatility. Bank of Valletta thanked the investment community for its continued confidence in the Bank, as wells as Credit Suisse Bank (Europe), S.A. and UBS Europe SE, that have contributed to the successful completion of this offer of Notes.

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