Curmi & Partners

Bank of Valletta plc - €50 million 3.75% Unsecured Subordinated Bonds 2026 – 2031

Bank of Valletta plc  - €50,000,000 3.75% Unsecured Subordinated Bonds 2026 – 2031

Download the Prospectus here.

Bank of Valletta plc ("the Issuer" or "BOV") will be issuing an amount of €50 million (“the Bond Issue”).

Amount:

€50 million

Issuer:

Bank of Valletta plc

Redemption:

15 June 2031

Early Redemption:

15 June 2026, 15 June 2027, 15 June 2028, 15 June 2028, 15 June 2029, 15 June 2030

Coupon:

3.75%

Security:

Unsecured Subordinated

Minimum Allocation: 

€25,000

Use of proceeds:

The proceeds from the Bond Issue amounting to a maximum of €50,000,000 will constitute an integral part of the Issuer’s capital plan (aimed at further strengthening the Issuer’s Tier 2 Capital requirements as required by European banking regulations), and will be used by the Issuer to meet part of its general financing requirements. In the event that the Bond Issue is not fully subscribed, the Issuer will proceed with the listing of the amount of Bonds subscribed for.

Allocation Policy:

A maximum aggregate amount of €50,000,000 in Bonds shall be available for subscription by Preferred Applicants (Senior Bondholders, Subordinated Bondholders, Employees and Shareholders). In the event that Applications from Preferred Applicants exceed the amount available for subscription, the Issuer shall scale down Applications in accordance with its allocation policy and the subscription monies of any unsatisfied Applications, or part thereof, shall be returned by direct credit transfer to the account number indicated on the respective Application Form within five Business Days from the announcement of basis of acceptance.

Expected Timetable:

Scenario A: Intermediaries’ Offer
does not take place

Scenario B: Intermediaries’
Offer takes place*

Application Forms available to Preferred Applicants 17 June 2019 n/a
Closing date for Applications to be received from
Preferred Applicants
28 June 2019 n/a
Intermediaries’ Offer* n/a 5 July 2019
Announcement of basis of acceptance 5 July 2019 17 July 2019
Commencement of interest 5 July 2019 17 July 2019
Dispatch of allotment advices and refunds (if any) 12 July 2019 24 July 2019
Issue Date 12 July 2019 24 July 2019
Expected date of admission of the Bonds to listing 12 July 2019 24 July 2019
Expected date of commencement of trading in the Bonds 15 July 2019 25 July 2019



Disclaimer
The information above is solely provided for informational purposes and is not to be interpreted as investment advice, or to be used or considered as an offer or a solicitation to sell, or an offer or solicitation to buy or subscribe for any financial instruments, nor to constitute any advice or recommendation with respect to such financial instruments. The information contained in this note is based on public information, included that provided at stockbroker meetings. Investors are urged to read the Prospectus. The value of investments can fall as well as rise and past performance is no indication of future performance. Curmi and Partners Ltd. is a member of the Malta Stock Exchange, and is licensed by the MFSA to conduct investment services business