Føroya Banki has made an agreement on issuance of Senior Non-preferred bonds amounting to SEK 350m (ISIN: DK0030564497). The bonds have a maturity of 6 years with the option to call after 4 years, subject to approval by the Danish Financial Supervisory Authority (Finanstilsynet).
The issue is priced at STIBOR (3 months) with an additional spread of 2.00%. The issue is swapped to DKK.
The bonds will be settled on 22 January 2026.
The bonds are not rated but will subsequently be listed.
Following approval by the Danish Financial Supervisory Authority (Finanstilsynet), Føroya Banki has decided, simultaneously with this issuance, to repurchase Senior Non-preferred bonds amounting to SEK 300m (ISIN: DK0030506530). These bonds were issued with settlement date 31 March 2022 and have a maturity of 5 years with the option to call after 4 years. The repayment will take place 31 March 2026.
The mentioned transactions are in line with the Bank’s capital plan and part of the ongoing process to optimise the Bank’s capital structure.
Nordea has acted Sole Structuring Advisor and Lead Manager of the issuance.
Further information:
Arnhold Olsen, CFO, tel: (+298) 230 475; mail: ao@bankin.fo