Be the first to comment!BOV’s €300M Senior Preferred EMTN issue 2x oversubscribed within hours
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Bank of Valletta has announced the successful launch and execution of its €300 million callable Senior Preferred Notes under its European Medium Term Note (EMTN) Programme, following the opening of the books on Wednesday, the 20th of May.
The transaction attracted strong and high-quality investor demand from both domestic and international accounts.
The Bank said that the order book peaked at approximately €0.8 billion (2.6x oversubscription) and closed at around €0.6 billion (2.0x oversubscription), ”highlighting robust appetite for the Bank’s credit and the strength of investor confidence in its business model.”
BOV noted that this outcome reflects the Bank’s ”solid credit fundamentals, resilient performance, and clear strategic direction. The successful execution further demonstrates the ability of the Bank to attract sustained interest from international institutional investors, while maintaining strong support from the domestic market, built on long-standing relationships with Maltese businesses and retail clients.”
The Bank said that this issuance represents a ”significant achievement not only for Bank of Valletta but also for Malta’s financial sector more broadly. The strong participation from international investors underscores Malta’s continued integration within European capital markets and enhances the visibility of the local banking sector on the international stage.”
It explained the the investor base was ‘well-diversified across high-quality institutional accounts. Asset Managers accounted for approximately 65% of allocations, Private Banks 16%, Insurance and Pension Funds 9%, Hedge Funds 6%, and other investors 4%. Geographically, allocations were approximately distributed as follows: Germany, Austria & Switzerland 22%, France 22%, BeNeLux countries 20%, Greece & Italy 14%, United Kingdom and Ireland 13%, Domestic Accounts 6%, and other jurisdictions 3%.
The Bank added that the Notes were offered exclusively to professional clients and eligible counterparties, with a minimum denomination of €100,000, in line with the Base Prospectus and market practice for institutional capital markets transactions.
Photo: BOV
