Bank of Valletta plc - Bond Issue Allocation Policy

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.