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Argenta issues a senior non-preferred bond of 500 million euro for professional investors
22 january 2020
As part of its European medium term note (EMTN) program, Argenta has issued today a senior non-preferred bond for professional investors.
A total of € 500 million has been placed with investors from the Benelux, France, the United Kingdom, Germany, Austria, Switzerland and Scandinavia.
The issue has a maturity of 7 years and a coupon of 1 % at an issue price of 99.53 %, which yields a return of 1.07% for investors.
This issue provides various benefits to Argenta:
- It is an alternative source of funding for Argenta in addition to retail funding.
- Through this issue, Argenta also strengthens its MREL ratio (minimum requirement eligible liabilities) because the senior non-preferred notes qualify as bail-in debt.
- Argenta also strengthens its ALAC (Additional Loss Absorbing Capacity) in support of the Argenta A- / A-2 rating by S&P.
Argenta is thrilled with the wide interest of professional investors from different countries and sectors.
In addition, this issue matches nicely with Argenta's ambitions to be a healthy bancassurer for its clients, also on the long term.