Citadele banka AS has successfully issued EUR 50 million of EUR-denominated perpetual Additional Tier 1 (“AT1”) temporary write down notes.
The issuance was priced with a final coupon of 7.125% and attracted an exceptionally strong orderbook of around EUR 180 million, representing 3.6x oversubscription. This represents the most competitively priced AT1 transaction out of the Baltics to date.
Proceeds from the issuance will be used for general corporate purposes, including, but not limited to, the repurchase and reduction of outstanding share capital of AS Citadele banka.
COBALT Banking and Finance team including Partners Edgars Lodziņš, Sandija Novicka and Senior Associate Krišjānis Bušs provided legal assistance to Citadele banka in connection with the issuance of bonds.
