Bank of Valletta plc - Bond Issue Allocation Policy

On 4 November 2024, Bank of Valletta plc announced the allocation policy with respect to the recent offer of up to €100 million 5.00% unsecured subordinated bonds 2029-34. The Bank explained that it received a total of 3,554 applications for a total value of €171.0 million

There were 52 applications lodged by Professional Clients and Eligible Counterparties for a total value of €39.0 million. For these applications, the first €300,000 was allocated in full, whilst 49.7% on the remaining amounts was accepted and rounded to the nearest €100, for a total allocation of €25 million. As a result, 33 applications were met in full, representing 63.5% of total applications received from Professional Clients.

Furthermore, 2,147 applications were received from Existing Shareholders, Existing Bondholders and Group Employees for a total value amounting to €96.7 million. The first €25,000 of these applications was allocated in full, whilst 38.1% on the remaining amounts was allocated rounded to the nearest €100, for a total allocation of €60 million. As a result, 1,490 applications were met in full, representing 69.4% of total applications received.

Meanwhile, 1,355 applications were lodged by the general public for a total value of €35.3 million. The first €10,000 of these applications was allocated in full whilst 6.7% of the remaining amount was allocated rounded to the nearest €100, for a total allocation of €15 million. As a result, 637 applications were met in full, representing 47.0% 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 Monday 4 November 2024 and the bonds will also be admitted to listing on Monday 11 November 2024. In this respect, the first interest payment of the bond will be made on 28 November 2025 with the interest covering the period between 4 November 2024 and 27 November 2025. Meanwhile, trading is expected to commence from Tuesday 12 November 2024. Notably, refunds of unallocated monies will be affected by Monday 11 November.