Outcome of Subscription to AB Šiaulių Bankas Subordinated Bonds
20 Maggio 2024 - 8:00AM
UK Regulatory
Outcome of Subscription to AB Šiaulių Bankas Subordinated Bonds
On Friday, 17 May 2024, the subscription period for AB
Šiaulių Bankas Tier 2 subordinated bonds ended.
Almost 3,000 investors have submitted orders to
subscribe to bonds worth EUR 97.2 million resulting in an
oversubscription of 3.9 times the issue volume.
On 20 May 2024 the Bank approved the final
distribution of the issue, according to which 25,000 bonds with a
nominal value of EUR 1,000 each will be distributed to a total of
2,337 investors (retail and institutional) from Lithuania, Latvia
and Estonia.
"Retail investors have been interested in
Šiaulių Bankas' debt securities recently, so the time for
opportunity has come. For the first time we have offered the Bank's
Tier 2 subordinated bonds publicly to retail investors and received
a lot of interest - the demand for the bonds exceeded the supply
almost four times.
We appreciate that part of this issue was
purchased by retail investors who, together with institutional
investors, continue to demonstrate their long-term trust in Šiaulių
Bankas. Giving priority in allocation of bonds to the Bank's
clients who subscribed bonds through our bank, we are looking
forward to become the first choice for those who are choosing smart
ways to invest,” said Tomas Varenbergas, Head of Investment
Management Division of Šiaulių bankas.
During the allocation process, the Bank in
accordance with offering prospectus followed these principles:
-
All subscription orders of the same investor were merged for the
purpose of allocation;
- Minimum threshold was set of EUR 10,000 to be allocated for
each investor;
- To all retail and corporate clients, who placed subscription
orders through AB Šiaulių Bankas, EUR 16.7 million were allocated
in total, which represent 66.8% from the total issue;
- To investors (excl. institutional investors), who placed
subscription orders through other financial intermediaries in
amount above minimum threshold no bonds were allocated;
- Institutional investors were allocated EUR 2.2 million in total
or 8.7% of the total issue;
-
The number of bonds with decimal places was rounded to the previous
whole number.
The 25,000 Tier 2 subordinated bond issue with a
nominal value of EUR 1,000 each, annual interest rate of 7.70%, and
redemption date of 22 May 2034 with the possibility to redeem the
bonds prior to its maturity on the bank’s initiative in accordance
with the terms of the bonds. The bonds will be transferred to the
investors’ securities accounts on or about 22 May 2024 and will be
listed on the Baltic Bonds List of Nasdaq Vilnius Stock Exchange on
or about 28 May 2024. Under the new Tier 2 subordinated bond
programme, approved on 23 April 2024, it is possible to increase
the issue volume up to EUR 100 million.
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Additional information:
Tomas Varenbergas
Head of Investment Management Division
tomas.varenbergas@sb.lt
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