Luminor has completed a €300m, 2-year senior preferred issue. The transaction, which was priced on 18 August, supports Luminor’s growth strategy, strengthens it MREL base, and enhances its liability structure.
Luminor held a digital roadshow with a well-attended global investor call on 16 August and, after receiving positive feedback, launched its new issue on 18 August. The issue was quickly oversubscribed with orders from over 70 investors located across Europe. The size, quality and diversity of the orders enabled Luminor to tighten the price of the new security by 25 basis points from initial indications. Investors in the UK accounted for just under half of the total order book, with further good demand from investors in the Nordic and Baltic regions.
Palle Nordahl, Luminor Bank’s Chief Financial Officer, commented:
‘We are delighted to have re-opened the market for Baltic borrowers with the issue of our latest senior notes. The significant support from investors demonstrates the solid standing of Luminor. The issue ensures we are well placed to support our clients and grow our business throughout our home markets of Estonia, Latvia and Lithuania.
The bond, which is callable one-year prior to maturity and rated Baa1 by Moody’s, is listed on the Irish Stock Exchange and was issued under Luminor’s EMTN and Covered Bond programme Luminor Markets acted as a joint lead manager for the transaction.
About Luminor
Luminor is the leading independent bank in the Baltics and the third-largest provider of financial services in our region. We serve the financial needs of individuals, families, and companies. Just like our home markets of Estonia, Latvia, and Lithuania we are young, dynamic, and forward looking.
2024 © The Baltic Times /Cookies Policy Privacy Policy