Bank of Cyprus Holdings PLC Issue of Senior Preferred Notes (4194G)
18 Julio 2023 - 10:43AM
UK Regulatory
TIDMBOCH
RNS Number : 4194G
Bank of Cyprus Holdings PLC
18 July 2023
Announcement
Issue of Senior Preferred Notes by Bank of Cyprus Public Company
Limited
Nicosia, 18 July 2023
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014.
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. At 31 March 2023, the
Bank of Cyprus Group operated through a total of 64 branches in
Cyprus, of which 4 operated as cash offices. The Bank of Cyprus
Group employed 2,883 staff worldwide. At 31 March 2023, the Group's
Total Assets amounted to EUR25.4 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.
Bank of Cyprus Holdings Public Limited Company ("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 Bank has successfully launched and priced
an issuance of EUR350 mn of senior preferred notes (the "Notes")
under its EMTN Programme.
The Notes were priced at par with a fixed coupon of 7.375% per
annum, payable annually in arrear, until the Optional Redemption
Date i.e. 25 July 2027. The maturity date of the Notes is 25 July
2028; however, the Bank may, at its discretion, redeem the Notes on
the Optional Redemption Date subject to meeting certain conditions
(including applicable regulatory consents) as specified in the
Terms and Conditions. If the Notes are not redeemed by the Bank,
the coupon payable from the Optional Redemption Date until the
Maturity Date will convert from a fixed rate to a floating rate and
will be equal to 3-month Euribor + 409.5 bps, payable quarterly in
arrear.
It is expected that settlement of the Notes will occur on 25
July 2023 and the Notes will be listed on the Luxembourg Stock
Exchange's Euro MTF market.
The issuance was met with strong demand, attracting interest
from more than 90 institutional investors, with a peak orderbook of
EUR950 m n and final pricing 37.5 basis points tighter than the
initial pricing indication. The transaction follows the successful
issuance of Additional Tier 1 Capital Notes by BOC Holdings in June
2023.
The success of the transaction, in terms of investor
participation and final pricing, represents yet another milestone
in terms of market recognition of the Group's improved financial
profile.
The Notes are expected to comply with the criteria for the
Minimum Requirement for Own Funds and Eligible Liabilities ("MREL")
and to contribute towards the Bank's MREL requirements. This
transaction improves the Bank's MREL ratio to 24.26%(1) of risk
weighted assets ("RWA") and to 11.24%(1) of Leverage Ratio Exposure
("LRE"), advancing its build-up toward the final requirements of
24.35% of RWA and 5.91% of LRE which the Bank must meet by 31
December 2025.
Barclays, BofA Securities Europe SA, Citi and Goldman Sachs Bank
Europe SE acted as Joint Lead Managers. The Cyprus Investment and
Securities Corporation Limited (CISCO) acted as Co-Manager.
Sidley Austin LLP acted as English legal advisers and
Chryssafinis & Polyviou LLC acted as Cypriot legal advisers to
the Bank in this transaction.
For further information, please contact Investor Relations at
investors@bankofcyprus.com .
(1) Based on the financial results for the quarter ended 31
March 2023, including the AT1 Notes of EUR220 mn issued in June
2023.
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