Bank of Valletta today announced its Bond Allotment Policy after the offer to issue €70,000,000, 4.8% subordinated bonds 2020, which was quickly oversubscribed.
The bank said it received 1,712 applications from bondholders of the 6.15% bonds 2010 (the "Maturing Bondholders"), with a value of €27,704,500. As announced beforehand, they will be given preference and will be allotted in full.
As for the remaining €42,295,500, the bank had received a further 5,081 applications with a value of €68,768,900.
Applications up to €10,000 shall receive a 100% allocation; Applications in excess of €10,000 shall receive an allocation of 23.77%.
The bank said 74.39% of applicants shall receive a full allotment. Interest on the bonds will commence accruing as from Monday, 15th March 2010.