December 2 (SeeNews) - Bulgaria's First Investment Bank [BUL:FIB], or Fibank, said that it has decided to extend beyond December 2022 the duration of its one-year bond issuance programme worth up to 100 million euro ($105.3 million).
The issuance of perpetual, non-cumulative, uncollateralised, deeply subordinated and non-convertible bonds meet specific requirements for additional Tier 1 (AT1) capital, Fibank said in a bourse filing after close of trading on Thursday.
The lender started the programme in December 2021 and has already listed four tranches of debt paper on the regulated market of the Luxembourg Stock Exchange, raising a total of about 40 million euro. The first three tranches were part of a single series, while the most recent transaction was concluded under a second series in August 2022, amid strong investor interest.
The bonds have a fixed annual interest rate of 8% and no pre-determined maturity date.
Fibank has previously said that it will use the funds to implement its long-term lending strategy for small and medium-sized enterprises (SMEs) and private clients as well as for the replacement of existing bond instruments where possible.
($ = 0.9493 euro)
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