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Allen & Overy advises IBL Banca on first bond

Allen & Overy has advised IBL Banca on the issuance of a subordinated Tier 2 bond, for a total nominal value of EUR65 million. The issuance has a ten-year maturity, with a reimbursement option in the fifth year and a reset option.

The bond has a fixed annual coupon of 9.875% until the early redemption date at the fifth year. If the issuer will not exercise the reimbursement option, after the early redemption date the bond will pay a coupon equal to the five-year Mid Swap rate increased by a spread of 671.3 basis points. The notes have been admitted to listing on the multilateral trading facility Euronext Dublin.

Allen & Overy advised IBL Banca with a team led by counsel Alessandra Pala, in coordination with partners Cristiano Tommasi and Craig Byrne, supported by associate Alessandro Negri. Counsel Elia Ferdinando Clarizia assisted on tax‑related aspects.