Šiaulių bankas AB issues EUR 50 million subordinated bonds
16 Junho 2023 - 3:00AM
Šiaulių bankas AB issues EUR 50 million subordinated bonds
Šiaulių bankas AB has successfully completed a 10-year
subordinated bond issue with a nominal value of EUR 50 million in
the international financial markets, which will bear a coupon of
10.75%. Subordinated bonds are included into the bank's Tier 2
capital, so having a larger capital base will give the Bank more
scope for sustainable growth and higher returns to
shareholders.
" With sustained growth, it is natural that we are becoming
increasingly attractive to both Lithuanian and foreign
institutional investors. We are more frequently entering
international markets, but this is the first subordinated bond
issue we have placed in international markets, and it has attracted
more attention from investors than we expected. The funds raised
will help the Bank to maintain the volume of lending to Lithuanian
businesses, to achieve an efficient capital structure, to meet the
requirements of the supervisory authority, and to keep the
continuity of the dividend policy" said Tomas Varenbergas, Head of
Treasury and Markets of Šiaulių bankas AB.
The bonds were issued with the issuer's right of early
redemption after five years, on 22 June 2028. On this date, the
Bank will have two options: to redeem the issued bonds early or to
set a new coupon consisting of a fixed and a floating part (750bps
+ 5-year Mid-Swap Rate). The bonds issue date on 22 June 2023 and
maturity date on 22 June 2033.
The bonds were issued under EUR 100 million Subordinated Bond
Programme approved by Bank of Lithuania dated 13th June 2023 and
will be listed on the Nasdaq Vilnius Bond List. The international
rating agency Moody's has assigned a Ba1 rating to the subordinated
bond issue.
Additional information:Tomas VarenbergasHead of
Treasury and Marketstomas.varenbergas@sb.lttel. +370 5 2032 200
- Final Terms of SB subordinated bonds_2023.06.15
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