Oct 29, 2015 - 19:00
SNS Bank, SNS Bank places € 500 million subordinated debt SNS Bank on October 29, 2015 successfully subordinated (Tier 2) bonds totaling € 500 million with a large number of institutional investors. Tier 2 bonds with a maturity of 10 years, have a fixed coupon rate of 3.75%, with a one-time opportunity for redemption or interest adjustment after five years. The transaction marks the first issue of SNS Bank in the capital since nationalization in February 2013. The issuance of Tier 2 bonds contributes to the strengthening and diversification of the capital position of SNS Bank. The Tier 2 bonds will be listed on the Luxembourg Stock Exchange. Features loan: Amount loan: € 500 million Issue price: 99.304% Coupon: 3.75% Date Settlement: November 5, 2015 Format: 10 year Non-Call 5 year Tier 2 Coupon Adjustment: then current five-year EUR mid-swap rate + 365 bps, if not relieved Expected ratings Tier 2 loan: BB (S & P) / Ba2 (Moody's) / BBB- (Fitch) ISIN: XS1315151388