AS LHV Pank completed today the countdown affair of 250 actor euros of covered bonds with bristles years maturity. The covered bonds were issued with the ambition of diversifying the bank’s allotment anatomy and abbreviation allotment costs. The covered bonds will be listed on Euronext Dublin.
The covered bonds backed by Estonian residential mortgage loans were offered to European institutional investors. In absolute 28 investors alternate in the alms and the affair was 1.9 times oversubscribed. Out of absolute adjustment book 41% was accustomed from axial banks and all-embracing institutions, 29% from institutional investors in Germany, Austria and Switzerland, 19% from Nordic investors and 11% from institutional investors in added countries. The covered bonds were issued at a advance of 40 base credibility over the mid-swap rate. Absolute re-offer crop of the covered bonds was 0.12%. The covered bonds will be listed on Euronext Dublin apparently aural one anniversary and the accepted appraisement from Moody’s Investors Service Ltd is Aa1.
“We are animated that LHV’s countdown affair of covered bonds was so able-bodied accustomed by investors. The arising of covered bonds in the bulk of 250 actor euros is a footfall appear best appellation and added adapted allotment anatomy for LHV. It enables us to refinance abbreviate appellation deposits aloft from drop intermediation platforms with best appellation allotment and at a lower cost. Mortgage loans are a continued appellation artefact which crave a abiding antecedent of funding. In the best term, lower allotment costs for the coffer additionally construe into added benign allotment for our clients”, commented Erki Kilu, the Chairman of the Administration Board of LHV Pank.
“It was an countdown band transaction on all-embracing markets for LHV Pank. Wide broker absorption in the covered band affair demonstrates the able continuing of LHV Pank, the Estonian bread-and-butter ambiance and the Estonian residential mortgage bazaar amid broker community. The conditional acclaim appraisement of the covered bonds Aa1 from Moody’s Investors Casework is additionally an adumbration of aerial affection and actual low acclaim accident of the covered bonds. We intend to be aback in the bazaar for added issues of covered bonds in the future,” added Kilu.
LHV started arising residential mortgage loans in 2016. Based on the advocacy of the Estonian Financial Supervision Authority, the European Axial Coffer accepted to LHV Pank an added authorisation to affair covered bonds on March 18, 2020. Moody’s assigned on May 5, 2020 a conditional acclaim appraisement of (P)Aa1 to the covered bonds. The Base Prospectus of LHV’s Covered Band Programme was registered on May 19, 2020. The Estonian Covered Bonds Act took aftereffect in March 2019.
Information on LHV’s covered bonds is accessible at: https://investor.lhv.ee/en/covered-bonds/
LHV Pank is the third better coffer in Estonia. LHV Pank is 100% endemic by LHV Group which is listed on Nasdaq Tallinn. In accession to cyberbanking services, LHV Group includes the asset administration aggregation LHV Varahaldus. LHV Group employs over 460 people. LHV’s cyberbanking casework are acclimated by about 219,000 clients, and alimony funds managed by LHV accept about 178,000 alive investors.
Priit RumCommunication ManagerPhone: 372 502 0786Email: [email protected]
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