Pre-placement of BOV bond issue over subscribed

The pre-placement of the 5.35 percent Bank of Valletta €35 million bond issue has been heavily oversubscribed.

€30 million were available, of which €15 million were earmarked for shareholders.

The bank received subscriptions almost five times the maximum available for non-shareholders so applications were heavily scaled down with the allotment set at only 20.74 percent of the original subscription.

The allocation policy for investors who subscribed as preferred applicants is expected later on today.

Any amounts not allotted to shareholders will be rolled-over into the public offering which opens on Monday. The bond issue can be increased to a maximum of €50 million leaving a balance of €20 million available under the public offering.

Applications fo the public offer are for a minimum of €2,500 (nominal) and in multiples of €100 thereafter.