Šiaulių Bankas issued the first subordinated bond issue of EUR 20 million
Šiaulių Bankas informs that a ten -year subordinated bond issue of EUR 20 million with 6.15 per cent annual interest was issued and distributed non-publicly.
“Subordinated bonds are included in Tier 2 capital, thus, using a larger capital base the bank will have more opportunities for sustainable growth and increase of shareholder returns. Bonds are also an appropriate obligation to meet MREL requirements”, - says Donatas Savickas, Head of Finance and Risk Management Division of Šiaulių Bankas.
The issue terms cover the inclusion of issued bonds in trading on a regulated market - within 12 months from the date of registration they are intended to be enrolled on the “Nasdaq “Baltic Debt Securities List.
The bonds were issued on 23 December 2019 to institutional investors.
In 2019 international rating agency Moody's upgraded Šiaulių Bankas' long-term credit rating from Baa3 to Baa2 and ascertained its rating outlook as stable.