By Wendy Van Sickle
Columbus, Ohio, March 17 – Advanzia Bank SA priced NOK 400 million floating-rate perpetual hybrid bonds, as well as €30 million of 10-year subordinated floaters, according to a notice.
The perpetual bonds are callable after five years and have a coupon of Nibor plus 700 basis points.
The subordinated bonds are also callable after five years and have a coupon of Euribor plus 525 bps.
The perpetual notes are considered perpetual hybrid tier 1 securities.
ABG Sundal Collier ASA and Pareto Securities arranged the transaction.
Luxembourg-based bank Advanzia, started in 2005, specializes in no-fee credit cards and euro savings accounts.
| Issuer: | Advanzia Bank SA
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| Issue: | Perpetual hybrid bonds and subordinated bonds
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| Amount: | NOK 400 million and €30 million
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| Arrangers: | ABG Sundal Collier ASA and Pareto Securities
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| Settlement date: | March 24
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| Perpetual bonds
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| Amount: | NOK 400 million
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| Maturity: | Perpetual
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| Coupon: | Nibor plus 700 bps
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| Call option: | After five years
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| Subordinated bonds
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| Amount: | €30 million
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| Maturity: | 10 years
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| Coupon: | Euribor plus 525 bps
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| Call option: | After five years
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