Bank of Valletta plc - Allocation Policy

On 14 December, Bank of Valletta plc published its allocation policy with respect to the recent issue of €75 million Subordinated Notes carrying a coupon of 3.5% and maturing in 2030.

The announcement explained that the Bank received 3,024 applications (including individual nominee applications) for a value in excess of €113.16 million. Given the oversubscription, the Bank adopted the following allocation policy:

  • Applications received by Preferred Applicants under Series 1 were allotted up to €71,300 in full with any resultant balance, if any, remaining unsatisfied;
  • Applications received by other applicants under Series 1 were allotted up to €38,300 in full with any resultant balance, if any, remaining unsatisfied;
  • Applications received by Preferred Applicants under Series 2 were allotted up to €121,300 in full with any resultant balance, if any, remaining unsatisfied;
  • Applications received by other applicants under Series 2 were allotted up to €63,300 in full with any resultant balance, if any, remaining unsatisfied.

Overall, €52.7 million was allotted in Series 1 Notes whilst the balance of €22.3 million was allotted in Series 2 Notes.

Interest on the Notes will start accruing from today, 14 December and the first interest payment will be effected on 8 August 2016. Refunds of unallocated monies and allotment advices will be processed by not later than next Monday 21 December. The Notes are expected to be admitted to the Official List of the Malta Stock Exchange on 22 December 2015 whilst trading is expected to commence the following day, Wednesday 23 December.