ASPIS BANK today announces the issue, via a subsidiary, of Subordinated Floating Rate Guaranteed Callable Step-up Notes amounting to 50m euro and two series of Floating Rate Non-cumulative Guaranteed Non-Voting Preferred Securities, amounting to 15m euro with Step-up and 25m euro without Step-up.
The Subordinated Notes were rated BB and the Preferred Securities BB- by Fitch Ratings and were acquired, via private placement, by Merrill Lynch.
The Subordinated Notes are guaranteed by ASPIS BANK, have a duration of 10 years and are callable by the Bank after 5 years. The Preferred Securities are also guaranteed by ASPIS BANK, are perpetual but callable after 10 years at the option of ASPIS.
Merrill Lynch acted as sole Manager for each transaction.
The securities were issued to further strengthen ASPIS BANK''s capital adequacy in order to support the execution of the Bank?s strategy.