We assisted the lead manager Goldman Sachs Bank Europe SE in organising and placing the EUR 50 million issue of Fixed Rate Reset Perpetual Additional Tier 1 Temporary Write Down Notes (AT1) for Šiaulių bankas.
The notes have been allocated to almost 20 institutional and professional investors, mostly from the United Kingdom.
First AT1 issuer from Lithuania
“We have made another significant step for both the bank and the Lithuanian capital market being the first issuer in the country to issue AT1 notes,” comments Tomas Varenbergas, Head of Investment Management Division of Šiaulių Bankas.
The proceeds of the notes will be used for general corporate purposes, including to strengthen funding structure of Šiaulių Bankas, meet existing and future minimum own funds and eligible liabilities (MREL) targets, and improve its capital position.
The annual fixed rate coupon on the notes up to the reset date will be 8.75 %. The nearest reset date is set after 5 years.
Our team and services
Our team, consisting of partners Augustas Klezys and Indrė Ščeponienė, counsels Lina Aleknaitė-van der Molen and Gerda Skirbutienė, as well as associate Andrius Pilitauskas, advised the lead manager Goldman Sachs Bank Europe SE on Lithuanian law matters.
