Landsbankinn hf.: Offering of subordinated bonds in ISK

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Reference is made to an announcement made by Landsbankinn on 16 February 2024 regarding a proposed sale via closed auction of Tier 2 subordinated bonds in ISK.

Landsbankinn will offer two series of Tier 2 subordinated bonds in ISK for sale, an inflation-linked series and a non-indexed series.

The inflation-linked series will have a coupon of 5.70% and will be sold at a predetermined price of 100 which equals a yield of 5.70%. The series pays an annual coupon with one payment of principal at maturity.

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The non-indexed series will have coupon of 9.60% and will be sold at a predetermined price of 100 which equals a yield of 9.60%. The series pays an annual coupon with one payment of principal at maturity.

Minimum size of issued series is ISK 3 bn. Landsbankinn reserves the right to accept any bid, either partially or in full, or to reject all bids.

Final maturity on both series will be 7 March 2035 and a call date on 7 March 2030 and on every interest payment date thereafter (11NC6).

The series will be issued under Landsbankinn’s debt issuance programme.

Bids are to be submitted before 15:00 on Thursday, 29 February. Expected settlement and issue date is 7 March 2024.

Landsbankinn Capital Markets will manage the auction. For further information, please call +354 410 7330 or email [email protected].

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