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SNS Bank issues € 500 million subordinated debt

On 29 October 2015, SNS Bank successfully placed € 500 million subordinated (Tier 2) notes with a wide range of institutional investors.

The Tier 2 notes, having a maturity of 10 years, carry a fixed interest coupon of 3.75%, with a one-time call and reset date after five years. The transaction marks the return of SNS Bank to capital markets for the first time since the nationalisation in February 2013.

The issue of the Tier 2 notes contributes to the strengthening and diversification of SNS Bank’s capital base.

The Tier 2 notes will be listed on the Luxembourg Stock Exchange.

Facts of the issue

Issue size€ 500 million
Issue price99.304%
Settlement date5 November 2015
Format10 year Non-Call 5 Year Tier 2
Coupon presetprevailing 5-year EUR mid-swap rate +365 bps, if not called
Expected ratingsBB (S&P) / Ba2 (Moody’s) / BBB- (Fitch)

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