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Bank of Valletta plc – Bond Issue Allocation Policy

cyber

June 24, 2025

Market News
24 June, 2025
4 min read
Market News
24 June, 2025
4 min read

Following last week's article detailing the performance of the S&P 500 index in 2025, it is worth devoting time to review the developments across the European equity markers in my last article of the year.

On 24 June 2025, Bank of Valletta plc announced the allocation policy with respect to the recent offer of up to €150 million 5.00% unsecured subordinated bonds 2030-35. The Bank explained that it received a total of 4,205 applications for a total value of €182.8 million

There were 48 applications lodged by Professional Clients and Eligible Counterparties for a total value of €35.7 million. For these applications, the first €2,000,000 was allocated in full, whilst 94.6% on the remaining amounts was accepted and rounded to the nearest €100, for a total allocation of €35 million. As a result, 47 applications were met in full, representing 97.9% of total applications received from Professional Clients.

Furthermore, 2,897 applications were received from Existing Shareholders, Existing Bondholders and Group Employees for a total value amounting to €117.4 million. The first €50,000 of these applications was allocated in full, whilst 51.3% on the remaining amounts was allocated rounded to the nearest €100, for a total allocation of €91 million. As a result, 2,621 applications were met in full, representing 90.5% of total applications received.

Meanwhile, 1,260 applications were lodged by the general public for a total value of €29.7 million. The first €40,000 of these applications was allocated in full whilst 15.4% of the remaining amount was allocated rounded to the nearest €100, for a total allocation of €24 million. As a result, 1,116 applications were met in full, representing 88.6% of total applications received from the general public.

In view of the oversubscription and the closing of the offer period ahead of schedule, BOV also announced changes to the timetable. The interest on the bonds will start to accrue from Tuesday 24 June 2025 and the bonds will be admitted to listing on Tuesday 1 July 2025. In this respect, the first interest payment of the bond will be made on 7 July 2026 with the interest covering the period between 24 June 2025 and 6 July 2026. Meanwhile, trading is expected to commence on Wednesday 2 July 2025. Notably, refunds of unallocated monies will be effected by 1 July 2025.

The article contains public information only and is published solely for informational purposes. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this article. Rizzo, Farrugia & Co. (Stockbrokers) Ltd (“Rizzo Farrugia”) is under no obligation to update or keep current the information contained herein. Since the buying and selling of securities by any person is dependent on that person’s financial situation and an assessment of the suitability and appropriateness of the proposed transaction, no person should act upon any recommendation in this article without first obtaining investment advice. Rizzo Farrugia, its directors, the author of this article, other employees or clients may have or have had interests in the securities referred to herein and may at any time make purchases and/or sales in them as principal or agent. Furthermore, Rizzo Farrugia may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies herein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security mentioned in this article. Neither Rizzo Farrugia, nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this article. Additional information can be made available upon request from Rizzo, Farrugia & Co. (Stockbrokers) Ltd., Airways House, Fourth Floor, High Street, Sliema SLM 1551. Telephone: +356 2258 3000; Email: info@rizzofarrugia.com; Website: www.rizzofarrugia.com © 2021 Rizzo, Farrugia & Co. (Stockbrokers) Ltd. All rights reserved. This article may not be reproduced or redistributed, in whole or in part, without the written permission of Rizzo Farrugia. Moreover, Rizzo Farrugia accepts no liability whatsoever for the actions of third parties in this respect.

This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.

The article contains public information only and is published solely for informational purposes. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this article. Rizzo, Farrugia & Co. (Stockbrokers) Ltd (“Rizzo Farrugia”) is under no obligation to update or keep current the information contained herein. Since the buying and selling of securities by any person is dependent on that person’s financial situation and an assessment of the suitability and appropriateness of the proposed transaction, no person should act upon any recommendation in this article without first obtaining investment advice. Rizzo Farrugia, its directors, the author of this article, other employees or clients may have or have had interests in the securities referred to herein and may at any time make purchases and/or sales in them as principal or agent. Furthermore, Rizzo Farrugia may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies herein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security mentioned in this article. Neither Rizzo Farrugia, nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this article. Additional information can be made available upon request from Rizzo, Farrugia & Co. (Stockbrokers) Ltd., Airways House, Fourth Floor, High Street, Sliema SLM 1551. Telephone: +356 2258 3000; Email: info@rizzofarrugia.com; Website: www.rizzofarrugia.com © 2021 Rizzo, Farrugia & Co. (Stockbrokers) Ltd. All rights reserved. This article may not be reproduced or redistributed, in whole or in part, without the written permission of Rizzo Farrugia. Moreover, Rizzo Farrugia accepts no liability whatsoever for the actions of third parties in this respect.

This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.

On 24 June 2025, Bank of Valletta plc announced the allocation policy with respect to the recent offer of up to €150 million 5.00% unsecured subordinated bonds 2030-35. The Bank explained that it received a total of 4,205 applications for a total value of €182.8 million

There were 48 applications lodged by Professional Clients and Eligible Counterparties for a total value of €35.7 million. For these applications, the first €2,000,000 was allocated in full, whilst 94.6% on the remaining amounts was accepted and rounded to the nearest €100, for a total allocation of €35 million. As a result, 47 applications were met in full, representing 97.9% of total applications received from Professional Clients.

Furthermore, 2,897 applications were received from Existing Shareholders, Existing Bondholders and Group Employees for a total value amounting to €117.4 million. The first €50,000 of these applications was allocated in full, whilst 51.3% on the remaining amounts was allocated rounded to the nearest €100, for a total allocation of €91 million. As a result, 2,621 applications were met in full, representing 90.5% of total applications received.

Meanwhile, 1,260 applications were lodged by the general public for a total value of €29.7 million. The first €40,000 of these applications was allocated in full whilst 15.4% of the remaining amount was allocated rounded to the nearest €100, for a total allocation of €24 million. As a result, 1,116 applications were met in full, representing 88.6% of total applications received from the general public.

In view of the oversubscription and the closing of the offer period ahead of schedule, BOV also announced changes to the timetable. The interest on the bonds will start to accrue from Tuesday 24 June 2025 and the bonds will be admitted to listing on Tuesday 1 July 2025. In this respect, the first interest payment of the bond will be made on 7 July 2026 with the interest covering the period between 24 June 2025 and 6 July 2026. Meanwhile, trading is expected to commence on Wednesday 2 July 2025. Notably, refunds of unallocated monies will be effected by 1 July 2025.