Fimbank to meet €33m bond applications in full

Fimbank plc is to meet all applications received for Monday’s bond issue in full, the trade finance bank said yesterday.

There will be no scaling down or refunds.

After both the pre-placement of October 22 and the public offer of October 25 were heavily over-subscribed, Fimbank decided to close the offer early so that all subscriptions could be met in full.

A total €33 million (or its USD equivalent) was received from 2,116 applicants by the time the offer was closed prematurely, just short of the maximum €35 million permitted by the exercise of the full over-allotment option.

Fimbank Group president Margrith Lütschg-Emmenegger expressed her satisfaction on the take-up of the offer, saying: “We are delighted with the great success of our second bond issue in Malta.

“We truly appreciate the strong support we continue to receive from the Maltese community, which is evidence of its trust in our institution, activities and products.”

The nominal amount of bonds subscribed to is of €19.3 million and $18.1 million, respectively. Listing of these bonds on the Official List of the Malta Stock Exchange is expected to take place by November 11. Trading will commence the following business day. Interest on the bonds will begin on November 1 and the first interest payment date will be May 31.