Bank of Valletta is offering the public €50 million 3.50% Subordinated Notes maturing in 2030. 

The Bank’s CEO, Mario Mallia, said that the offer is an integral part of the bank’s Subordinated Debt Issuance Programme, which is aimed at further strengthening the Bank’s tier 2 capital.

“Bank of Valletta has evolved over the years to become a fully-fledged financial services provider. Accordingly, the bank’s top priority is to strengthen its capital base by increasing both its tier 1 and tier 2 capital. This will ensure that every line of business of the Bank is well supported by adequate levels of capital.”

The Notes being offered by the bank consist of two tranches (one in each of Series 1 and Series 2) which will be fungible with the first two tranches of Series 1 and Series 2 issued by the Bank last December.

Over 2,600 applications were received in respect of the first two tranches resulting in an oversubscription of over €38 million. Since there were a number of applicants whose applications were scaled down as a result of the over-subscription, the Bank has reserved a specific amount of Notes in the fungible tranches for such investors.

Details of the offer to the public can be found at  Bank of Valletta branches and other authorised financial intermediaries.

The joint sponsors to the Programme are Rizzo, Farrugia & Co. (Stockbrokers) Ltd and Jesmond Mizzi Financial Advisors Ltd. Application has been made for the Notes to be listed on the Official List of the Malta Stock Exchange.