Bank of Valletta announced the launch of an offer to the public of €75 million 3.50% notes maturing in 2030. The notes are subordinated and unsecured.
This offering is the first tranche of a Subordinated Notes Programme that includes a second tranche for an equivalent amount to be launched later this year.
The offering of these subordinated notes on the local market forms part of the bank’s strategy to strengthen its Common Equity Tier 2 capital. In fact the net proceeds from the issue of the notes will be used by the BOV Group to meet part of its general financing requirements.
The joint sponsors appointed for this Subordinated Notes Programme are Rizzo, Farrugia & Co. (Stockbrokers) Ltd, and Jesmond Mizzi Financial Advisors Ltd. Application forms for Series1/2015, Tranche 1 are available from all branches of Bank of Valletta and other authorised financial intermediaries.