De Volksbank issues € 500 million of green senior non-preferred notes
On 16 May 2023, de Volksbank successfully issued € 500 million of green senior non-preferred (SNP) notes. The notes have a term of 4.5 years and a coupon of 4.625%. It is de Volksbank’s fifth issuance of SNP notes.
The issuance is in line with de Volksbank’s capital planning, which starts from the assumption that the minimum non risk-weighted MREL requirement must be fully composed of CET1 capital and subordinated liabilities (Tier 1 capital, Tier 2 capital and SNP notes) as from 1 January 2024.
The SNP notes were issued under de Volksbank’s Green Bond Framework, which has been assessed against the EU Taxonomy as of April 2021 by ISS-ESG. For more information on our Green Bond Framework, please refer to our website.
The green SNP notes will be listed on the Luxembourg Stock Exchange.
Facts of the issue
| Issue size | € 500 million |
| ISIN | XS2626691906 |
| Issue price | 99.807% |
| Coupon | 4.625% |
| Settlement date | 23 May 2023 |
| Format | Redemption date: 23 November 2027 |
| Expected ratings | Baa1 (Moody’s) / A- (Fitch) |
