Bank of Cyprus Holdings PLC Issue of Tier 2 Capital Notes - Replacement (0666W)
April 20 2021 - 8:23AM
UK Regulatory
TIDMBOCH
RNS Number : 0666W
Bank of Cyprus Holdings PLC
20 April 2021
Announ cement
Issue of Tier 2 Capital Notes
Nicosia, 16 April 2021
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014.
Bank of Cyprus Holdings Public Limited Company (the "Company" or
"BOC Holdings" and, together with its subsidiary, Bank of Cyprus
Public Company Limited (the "Bank"), and the Bank's subsidiaries,
the "Group") announces today that the Company has successfully
launched and priced an issue of EUR300 mn unsecured and
subordinated Tier 2 Capital Notes (the "Notes") under its EMTN
Programme.
The issue was met with strong demand, attracting interest from
more than 140 institutional investors , with the final order book
almost 4 times over-subscribed and final pricing 37.5 bps tighter
from initial pricing indication. A number of long term, fundamental
institutional investors participated in the offering for the first
time, re-establishing the successful return of the Company to the
institutional capital markets.
The Notes were priced at par with a fixed coupon of 6.625% per
annum, payable annually in arrears and resettable on 23 October
2026. The maturity date for the Notes is 23 October 2031. The
Company will have the option to redeem the Notes early on any day
during the six-month period from 23 April 2026 to 23 October 2026,
subject to applicable regulatory consents.
It is expected that settlement will occur on 23 April 2021. The
Notes will be listed on the Luxembourg Stock Exchange's Euro MTF
market.
In addition to the pricing of the issue of the Notes by the
Company, the Bank has announced that it intends to purchase up to
the total nominal amount of its EUR250 mn Fixed Rate Reset Tier 2
Capital Notes due January 2027 (ISIN: XS1551761569) at a purchase
price of 105.50%, as more particularly described in a Tender Offer
Memorandum dated 13 April 2021. Please click here for further
details.
The issuance of the Notes further optimises the Group's capital
structure and is expected to increase the Group's Total Capital
ratio by c.100 bps to 19.7% pro forma for Helix 2. The issuance is
expected to be fully MREL eligible, contributing towards the Bank's
MREL requirements.
The transaction has also enhanced the diversification of the
Group's investor base, and the pricing outcome evidences market
recognition of the significant progress made in evolving its
financial profile.
Goldman Sachs International and HSBC acted as Global
Coordinators and Dealer Managers, and together with BNP Paribas,
Bank of America and JP Morgan acted as Joint Lead Managers. The
Bank acted as Co-Manager.
For further information, please contact Investor Relations at
investors@bankofcyprus.com .
[1] Based on the Group financial results as at 31 December 2020
pro forma for Helix 2.
Group Profile
The Bank of Cyprus Group is the leading banking and financial
services group in Cyprus, providing a wide range of financial
products and services which include retail and commercial banking,
finance, factoring, investment banking, brokerage, fund management,
private banking, life and general insurance. The Bank of Cyprus
Group operates through a total of 95 branches in Cyprus, of which
11 operate as cash offices. Bank of Cyprus also has representative
offices in Russia, Ukraine and China. The Bank of Cyprus Group
employs 3,573 staff worldwide. At 31 December 2020, the Group's
Total Assets amounted to EUR21.5 bn and Total Equity was EUR2.1 bn.
The Bank of Cyprus Group comprises Bank of Cyprus Holdings Public
Limited Company, its subsidiary Bank of Cyprus Public Company
Limited and its subsidiaries.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
IODSEDFDSEFSEFL
(END) Dow Jones Newswires
April 20, 2021 09:23 ET (13:23 GMT)
Bank Of Cyprus Holdings ... (LSE:BOCH)
Historical Stock Chart
From Mar 2024 to Apr 2024
Bank Of Cyprus Holdings ... (LSE:BOCH)
Historical Stock Chart
From Apr 2023 to Apr 2024