Emisión de notas preferentes senior verdes por parte de BOC PCL
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Issue of Green Senior Preferred Notes by Bank of Cyprus Public Company Limited
Nicosia, 25 de abril de 2024
Bank of Cyprus Holdings Public Limited Company (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 €300 mn green senior preferred notes (the 'Notes') under its EMTN Programme.
The Notes were priced at par with a fixed coupon of 5% per annum, payable annually in arrear, until the Optional Redemption Date i.e. 2 May 2028. The maturity date of the Notes is 2 May 2029; 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 + 197.1 bps, payable quarterly in arrear.
It is expected that settlement of the Notes will occur on 2 May 2024 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 120 institutional investors, with a final orderbook over 4 times over-subscribed at €1.3 bn and final pricing 50 basis points tighter than the initial pricing indication. The transaction represents the Bank's inaugural green bond issuance in line with the Group's Beyond Banking approach, aimed at creating a stronger, safer and future-focused Βank and leading the transition of Cyprus to a sustainable future. An amount equivalent to the net proceeds of the Notes will be allocated to Eligible Green Projects as described in the Bank's Sustainable Finance Framework, which include Green Buildings, Energy Efficiency, Clean Transport and Renewable Energy.
El éxito de la transacción, en términos de participación de los inversores y precio final, representa otro hito en términos de reconocimiento en el mercado de la mejora del perfil financiero del Grupo.
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 28.36%1,2 of risk weighted assets ('RWA') and to 12.73%1 of Leverage Ratio Exposure ('LRE'), finalising its MREL build-up and creating a comfortable buffer over the final requirements of 25%2 of RWA and 5.91% of LRE which the Bank must meet by 31 December 2024.
BofA Securities Europe SA, Deutsche Bank AG, Goldman Sachs Bank Europe SE and J.P. Morgan SE acted as Joint Lead Managers. The Cyprus Investment and Securities Corporation Limited (CISCO) acted as Co-Manager.
Sidley Austin LLP actuó como asesores legales ingleses y Chryssafinis & Polyviou LLC actuó como asesores legales chipriotas del Banco en esta transacción.
Para obtener más información, comuníquese con Relaciones con Inversores en GME@dhr-rgv.com.
1 Based on financial results as at 31 December 2023, taking into account the aforementioned issuance of the Notes.
2 The Combined Buffer Requirement applies on top of MREL as %RWAs
Grupo procesos Profile
The Bank of Cyprus Group es el grupo de servicios bancarios y financieros líder en Chipre, que ofrece una amplia gama de productos y servicios financieros que incluyen banca minorista y comercial, finanzas, factoraje, banca de inversión, brokeredad, gestión de fondos, banca privada, vida y seguros generales. A 31 de diciembre de 2023, Bank of Cyprus Group operaba a través de un total de 64 sucursales en Chipre, de las cuales 4 operaban como oficinas de caja. El Grupo del Banco de Chipre empleó a 2,830 personas en todo el mundo. A 31 de diciembre de 2023, los Activos Totales del Grupo ascendían a 26.6 millones de euros y el Patrimonio Neto total a 2.5 millones de euros. El Grupo Bank of Cyprus comprende Bank of Cyprus Holdings Public Limited Company, su subsidiaria Bank of Cyprus Public Company Limited y sus subsidiarias.
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