February 5, 2020 / 4:50 PM / 11 days ago

Slovenia's NLB 10-year Tier 2 issue oversubscribed

LJUBLJANA, Feb 5 (Reuters) - Slovenia’s largest bank NLB issued 10-year Tier 2 subordinated notes in the value of 120 million euros ($132.02 million) that will be included in the bank’s additional capital, NLB said on Wednesday.

Demand for the notes with an annual yield of 3.4% exceeded 300 million euros, it said. Main investors include international fund managers, international financial institutions, pension funds and banks.

“Success of the transaction is attested by robust investor demand and visible tightening of spreads compared to the previous transaction. This is a sign of considerable trust in future potential of NLB operations,” chief financial officer Archibald Kremser said in a statement.

The notes, which will strengthen and optimise NLB capital structure, have a call option on Feb. 5, 2025.

$1 = 0.9089 euros Reporting By Marja Novak

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