On 6 November 2023, APS Bank plc announced the allocation policy with respect to the recent offer of up to €50 million 5.80% unsecured subordinated bonds 2028-33. APS explained that apart from the €15 million that were pre-allocated through placement agreements and awarded in full, the intermediaries offer attracted applications totalling a further €50.7 million.
Applications lodged by preferred applicants during the intermediaries offer amounted to €27.1 million. These were given priority whilst ensuring that new investors are not crowded out of the investment process. As a result, €23 million were allocated to preferred applicants. Meanwhile, applications from non-preferred investors during the intermediaries offer amounted to €23.6 million, of which €12 million were allocated.
In view of the oversubscription and the closing ahead of schedule of the offer period, APS also announced changes relating to the bond issue timetable. The interest on the bonds will start to accrue from 13 November 2023 and the bonds will also be admitted to listing on the same day. Trading is expected to commence from 14 November 2023.