€100,000,000 5% unsecured subordinated bonds (2029-2034) Issued by Bank of Valletta (BoV)
The Bank announced that on 11 October 2024 the Malta Financial Services Authority approved a first tranche of Tier 2 bonds under the Programme in the form of an issue of up to €100,000,000 5% unsecured subordinated bonds (2029-2034).
The issue Price of Tranche is €100 per bond. It will commence on 28 November 2024 and maturing on 28 November 2034 with an early redemption date, any date between the fifth anniversary of the Issue Date and the Maturity Date.
Interest Payment Date/s are 28 November of each year (including 28 November 2025, being the first interest payment date) and the Maturity Date.
The Bonds are complex financial instruments and, accordingly, carry a high degree of risk. Subject to the overarching requirement that Applicants who are Retail Clients may only subscribe for Bonds after passing a Suitability Test.
A maximum aggregate amount of €85,000,000 in nominal value of Bonds shall be available for subscription, in accordance with the allocation policy of the Issuer, as follows:
- Up to €60,000,000 in nominal value of Bonds together with any remaining amount not subscribed for by Professional Clients and Eligible Counterparties as detailed in (b) hereunder, shall be reserved for subscription by Existing Shareholders, Existing Bondholders and Group Employees; and
- up to €25,000,000 in nominal value of Bonds together with any remaining amount not subscribed for by Existing Bondholders, Existing Shareholders and Group Employees as detailed in (a) above, shall be reserved for subscription by Professional Clients and Eligible Counterparties.
The remaining €15,000,000 in nominal value of Bonds together with any portion of Bonds not taken up by Preferred Applicants shall be allocated to the general public, in accordance with an allocation policy to be determined by the Issuer.
Existing Bondholders, Existing Shareholders and Group Employees must subscribe for Bonds using the application form ‘A’ whereas Professional Clients and Eligible Counterparties must subscribe for Bonds using application form ‘B’ (each, a “Preferred Application Form”). Applicants who are not Preferred Applicants may subscribe for Bonds using application form ‘C’.
All applicants can submit applications through us.
The minimum subscription amount is €10,000 per Applicant and in multiples of €100 thereafter, whereas in order for Professional Clients and Eligible Counterparties to be considered Preferred Applicants, the minimum subscription amount shall be €100,000 and in multiples of €100 thereafter
Expected timetable:
- Opening of Offer Period : 22 October 2024;
- Closing of Offer Period :19 November 2024;
- Announcement of Allocation Policy : 28 November 2024;
- Issue Date & Interest Commencement Date : 28 November 2024;
- Dispatch of Allotment Letters : 5 December 2024;
- Expected date of admission of the Bonds to listing : 5 December 2024; and
- Expected date of commencement of trading of the Bonds : 6 December 2024.
If you are interested to apply, please reach out to one of us.
Please click on the following links: Base Prospectus & Final Terms for more colour on the issuance and to read the Offering Documentation.
Disclaimer
Curmi & Partners Ltd is acting as an Authorised Financial Intermediary for this bond. This communication should not be considered as investment advice or recommendation with respect to these financial instruments and the information provided herein is for informational purposes only. No tax, legal or any other ancillary regulatory advice is provided in this advertisement. The information contained in this advertisement is based on public information and reflects the Offering Documentation of the financial instruments, with the information being accurately reproduced and no facts have been omitted which would render the reproduced information inaccurate or misleading. However, Curmi & Partners Ltd has not independently verified the information it has obtained from sources that it believes to be reliable. Investors are urged to read the Offering Documentation when considering whether to invest in this financial instrument. The value of investments can fall as well as rise and past performance is no indication of future performance. Curmi & Partners Ltd is acting on a non-independent basis and may receive inducements from the Issuer of the securities.
This advertisement was approved for issue by Curmi & Partners Ltd, which is licensed to conduct investment services business under the Investments Services Act (Cap 370 of the Laws of Malta) by the MFSA and is also a Member of the Malta Stock Exchange. Curmi & Partners Ltd’s registered address is at Finance House, Princess Elizabeth Street, Ta’ Xbiex, XBX 1102.