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Allen & Overy advises on Bank of Valletta first bond for international debt capital markets

Allen & Overy has advised the Joint Lead Managers - Credit Suisse Bank (Europe), S.A. and UBS Europe SE – on a fixed rate resetting senior non-preferred callable bond for a value of EUR350 million issued by Bank of Valletta plc. This was a first for Bank of Valletta, making its debut in the international debt capital markets after the establishment of its Euro Medium Term Note (EMTN) programme in September 2022. 

The final maturity date of the notes is December 2027 and the coupon was set at the fixed rate of 10% per annum until the reset date (6 December 2026). After that date, if not redeemed by the issuer, the coupon will be reset at the EUR 1-year Mid Swap rate plus a margin of 7.31%.

The bond is intended for professional investors and was admitted to listing on the regulated market of Euronext Dublin.  

The A&O’s team was led by International Capital Markets partners Craig Byrne and Cristiano Tommasi, supported by associate Elisabetta Rapisarda and trainee Paolo Martellone. Partner Dirk Arts (A&O Brussels) advised for antitrust aspects.