Landsbankinn Launches Auction for Covered Bonds with Secure Ratings
Overview of Landsbankinn's Upcoming Covered Bond Auction
Landsbankinn is gearing up for an exciting opportunity with the announcement of an auction for covered bonds. Scheduled for Tuesday at 15:00, this auction presents investors with two enticing series: the non-indexed LBANK CB 29 and the inflation-linked LBANK CBI 31. This initiative is part of the bank's broader strategy to strengthen its offerings in the bond market.
Details of the Auction and Exchange Offering
As part of the auction process, an exchange offering will also be available for existing holders of the non-indexed LBANK CB 25 series. This allows current bondholders to exchange their existing bonds for new bonds that will be sold through the auction, enhancing the liquidity of their investments. The predefined clean price for these bonds stands at 98.520, providing a benchmark for participants.
Settlement and Regulatory Compliance
The anticipated settlement date for the auction proceeds is proposed to be a couple of days following the auction. This quick turnaround is designed to facilitate a smooth transaction process for investors wishing to engage in this opportunity. Furthermore, the covered bonds are issued under the bank's established covered bond program, a framework designed for robustness and reliability.
Credit Ratings and Market Confidence
Investors can take comfort in the stability of these covered bonds, which have achieved an impressive A+ rating with a stable outlook from S&P Global Ratings. This endorsement reflects Landsbankinn's commitment to maintain a strong financial position and adhere to strict regulatory requirements.
Get in Touch for More Information
Landsbankinn Capital Markets is managing the auction. For those seeking more information, don’t hesitate to reach out. You can contact the team at +354 410 7330. Email inquiries can be directed to verdbrefamidlun@landsbankinn.is.
Frequently Asked Questions
What types of bonds is Landsbankinn offering?
Landsbankinn is offering two types of bonds: a non-indexed bond series LBANK CB 29 and an inflation-linked series LBANK CBI 31.
When will the auction take place?
The auction is scheduled for Tuesday at 15:00.
What is the clean price for the bonds?
The clean price of the bonds has been set at 98.520.
Who will manage the auction?
The auction will be managed by Landsbankinn Capital Markets.
How can I get more information?
For more information, you can call +354 410 7330 or email verdbrefamidlun@landsbankinn.is.
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