Bank of Valletta plc - Details of First Series & Tranche of Bond Issuance Programme

October 18, 2025

On 18 October 2025, Bank of Valletta plc published a Base Prospectus and Final Terms following regulatory approval for the admissibility to listing on the Official List of the Malta Stock Exchange of up to €325 million Unsecured Euro Medium Term Bond Programme.

The first series and tranche (S1T1) consists of the issuance of up to €125 million 5.0% unsecured subordinated bonds maturing between 2030 and 2035. The salient details of the S1T1 of the bond issuance programme are as follows:

Amount Offered:

€100 million with an over-allotment option of €25 million for a total of €125 million (nominal)

Coupon:

5.00%

Issue Price:

100% (par)

Interest Payment Date:

Annually on 5 December (first interest payment date is 5 December 2026)

Maturity Date:

The bonds will mature on 5 December 2035. However, Bank of Valletta plc reserves the right to redeem any or all of the bonds on any date between 5 December 2030 and 5 December 2035 subject to MFSA approval and also giving bondholders at least 30 days’ notice. The Bank may in an exceptional event also redeem the bonds during the first five years of the bond as detailed in the Base Prospects and Final Terms.

Status:

The bonds are Tier 2 Bonds and constitute direct, unsecured and subordinated obligations of the Issuer, which will at all times rank pari passu without any preference among themselves. In a dissolution and winding up of the Bank, the claims of bondholders in respect of the bonds will be subordinated to the claims of all depositors and other unsubordinated secured and unsecured creditors of the Bank and will not be repaid until all other unsubordinated debt outstanding at the time has been settled in full. In the event of a resolution of the Bank or in any other instances under applicable law, the bonds are subject to conversion or write down by the applicable resolution authorities as provided by law.

Use of Proceeds:

The net proceeds from the bonds will be used to reinforce the Group’s Minimum Requirement for Own Funds and Eligible Liabilities (MREL) and/or its capital base, as appropriate, and to support the continued growth of the Bank’s balance sheet, enabling it to expand its lending portfolio, pursue a broader range of proprietary investment opportunities, and for the general financing purposes of the Group.

Offer Period:

5 November to 25 November 2025 at noon (or earlier at the discretion of the Issuer)

Minimum Subscription Amount:

Retail Investors: €10,000 and in multiples of €100 thereafter.

Professional Clients and Eligible Counterparties: €100,000 and in multiples of €100 thereafter.

Plan of Distribution:

The bonds are open for subscription to all categories of investors.

An amount of €50 million will be reserved for subscription by holders of the 3.50% BOV subordinated bonds 2030 (Series 1 & 2), 3.75% BOV subordinated bonds 2026/31, 5.0% BOV subordinated bonds 2029/34 Series 1, 5.0% BOV subordinated bonds 2030/35 Series 2 and shareholders of BOV as at close of trading on 14 October 2025, together with employees of the Bank and any of its subsidiaries.
An amount of €25 million will be reserved for subscription by Professional Clients and Eligible Counterparties.
The remaining €25 million will be reserved for subscription by the general public.

Any portion not fully subscribed to by a particular category of investor will be made available for subscription to another category. Furthermore, any additional bonds allotted further to the exercise of the overallotment option will be allocated at BOV’s discretion depending on the total level of subscription by each category of investor.

Application Procedure:

Interested applicants are kindly requested to contact us for further information on the detailed application procedure. Applications for bonds by retail clients will be subject to a suitability test.

Listing:

Official List of the Malta Stock Exchange

The bonds are expected to be listed on or around 12 December 2025

Downloads:

Base Prospectus dated 17 October 2025

Final Terms dated 17 October 2025

Fact Sheet dated 18 October 2025

Disclaimer:

This webpage has been prepared based on the Base Prospectus and Final Terms both dated 17 October 2025 issued by Bank of Valletta plc, and no representations or guarantees are made by Rizzo, Farrugia & Co. (Stockbrokers) Ltd with respect to the accuracy of the data. This webpage is for information purposes only. It is NOT intended to be and should NOT be construed as an offer or solicitation to acquire or dispose of any of the securities or issues mentioned herein. Rizzo, Farrugia & Co. (Stockbrokers) Ltd accepts NO responsibility or liability whatsoever for any expense, loss or damages arising out of, or in any way connected with, the use of all or any part of this webpage.

Investors wishing to acquire the Bonds should read the Base Prospectus and Final Terms before making any investment decision in order to fully understand the potential risks and rewards associated with an investment in the Bonds. A copy of the Base Prospectus and Final Terms is available on Rizzo, Farrugia & Co. (Stockbrokers) Limited’s website. The Bonds are COMPLEX financial instruments and investment in the Bonds may not be suitable for all investors. Prospective investors are required to consult their financial advisers as to the suitability or otherwise of acquiring such Bonds. The value of the investment and the income therefrom may go down as well as up and investors may lose some or all of the money invested.

Rizzo, Farrugia & Co. (Stockbrokers) Ltd is acting as Joint Sponsor to Bank of Valletta plc.

This advertisement has been issued by Rizzo, Farrugia & Co. (Stockbrokers) Limited, 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 having its registered address at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.