Citadele Bank

Citadele has completed issuance of EUR 20 million first series bonds

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Citadele has completed a three-times oversubscribed issuance of EUR 20 million first series bonds under its EUR 60 million Fifth Unsecured Subordinated Bonds Programme.  

“The strong demand resulting in a three-times oversubscribed issuance is a remarkable response that reflects the investors’ confidence in Citadele’s financial strength and strategic direction, and we appreciate trust from our investors, partners and clients”, says Valters Ābele, Citadele Chief Financial Officer, Member of Management Board. 

In total 2000 subordinated bonds having EUR 10 000 nominal value each were issued with a ten-year maturity and a fixed interest rate of 8% per annum. The purpose of the issuance is to further strengthen Citadele’s regulatory capital structure. The bonds will be listed on the Baltic Bond List of Nasdaq Riga on or around 8 April 2024. 

The unsecured subordinated bonds were offered to institutional and retail investors in Latvia, Lithuania and Estonia, as well as to qualified investors located elsewhere in the EEA. In total, 582 investors participated in the offering, of which 549 were retail investors and 33 were institutional investors. Out of the total order book, 36 % was received from investors in Latvia, 23 % from Lithuania, 40 % from Estonia and 1 % from other countries. Due to considerable oversubscription, priority in bond allocation was given to Citadele’s retail customers, and in certain cases, also previous cooperation with investors was taken into consideration. 

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