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De Volksbank issues € 500 million of green senior non-preferred notes

On 28 February 2023, de Volksbank successfully issued € 500 million of green senior non-preferred (SNP) notes. The notes have a term of 7 years and a coupon of 4.875%. It is de Volksbank’s fourth issuance of SNP notes.

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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
Issue price99.664%
Settlement date7 March 2023
FormatRedemption date: 7 March 2030
Expected ratingsBaa2 (Moody’s) / A- (Fitch)

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