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NLB successfully concluded the bookbuilding process for EUR 350 million perpetual NC5 Additional Tier 1 notes. The transaction attracted significant investor interest, with the final orderbook of EUR 1.35 billion, representing a 3.9x oversubscription. The notes were priced at a yield of 7.4% p.a. (determined as 5y mid swap increased by 407.1 basis points) which includes a modest new issue premium of 2.5 bps. Strong global demand helped reduce final pricing by 48-60bps from the initial price guidance despite a quite volatile global market backdrop.
The offering attracted participation from global and regional asset managers, hedge funds, financial institutions, and others. Investors from the UK, France, Hungary and the DACH region accounted for the largest geographic allocations.
We are proud of yet another successful subordinated notes issuance on the international capital markets this year. The transaction reaffirms the strength of NLB's business model, the soundness of our strategy and our standing as a trusted and established issuer in international markets. It also reflects our continued efforts to broaden and diversify our investor base. With this transaction, NLB Group further strengthens its capital position and is well positioned to pursue its strategic ambitions and support the next phase of growth.
The subordinated AT1 notes are expected to be issued on 17 November 2026 and have no scheduled maturity. NLB will have the option for early redemption on 17 November 2031 and on any interest payment date thereafter (subject to regulatory approval). The notes will carry an annual interest rate of 7.4% (determined as 5y mid swap increased by 407.1 basis points) resetting every five years. The notes have been assigned a Ba2 rating by Moody’s.
The notes are expected to be admitted to trading on the regulated market of the Luxembourg Stock Exchange on or around the issue date.
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