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28 June 2010

NLB Successful With a New Banking Product of Subordinated Bonds

Despite adverse macroeconomic environment NLB successfully closed its offering of subordinated bonds NLB 26 to the public and collected over EUR 61,41 million to be added to the Bank's capital.

Offering subordinated bonds to the public with subscription in the bank's retail network is a novelty on the Slovene market. The bond's maturity is 7 years and it offers a 6.25% annual percentage return. The offering of bonds took place between 24th May and 24th June 2010 and was intended mainly for natural and legal persons in Slovenia. This way NLB offered a new investment opportunity to all interested parties and opened up new possibilities for alternative capital raising methods. Subordinated bonds meet the criteria for inclusion in Tier I capital of NLB, where they will be added as of 30 June 2010.  

The amount of raised funds exceeded the breakeven point of the offer by five times, which confirmed the trust in NLB and its reputation of the largest and leading bank on the local market as well as the ability of retail network to successfully sell new products NLB has to offer.  

As soon as the bonds are registered to holders' accounts with the central register of Central Securities Clearing Corporation in Ljubljana, activities for listing the bonds on the Ljubljana Stock Exchange will be initiated.

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