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Allen & Overy advises IBL Banca on first bond

Allen & Overy has advised IBL Banca on the issuance of a subordinated Tier 2 bond, for a total nominal value of EUR65 million. The issuance has a ten-year maturity, with a reimbursement option in the fifth year and a reset option.

The bond has a fixed annual coupon of 9.875% until the early redemption date at the fifth year. If the issuer will not exercise the reimbursement option, after the early redemption date the bond will pay a coupon equal to the five-year Mid Swap rate increased by a spread of 671.3 basis points. The notes have been admitted to listing on the multilateral trading facility Euronext Dublin.

Allen & Overy advised IBL Banca with a team led by counsel Alessandra Pala, in coordination with partners Cristiano Tommasi and Craig Byrne, supported by associate Alessandro Negri. Counsel Elia Ferdinando Clarizia assisted on tax?related aspects.

The bond has a fixed annual coupon of 9.875% until the early redemption date at the fifth year. If the issuer will not exercise the reimbursement option, after the early redemption date the bond will pay a coupon equal to the five-year Mid Swap rate increased by a spread of 671.3 basis points. The notes have been admitted to listing on the multilateral trading facility Euronext Dublin.

Allen & Overy advised IBL Banca with a team led by counsel Alessandra Pala, in coordination with partners Cristiano Tommasi and Craig Byrne, supported by associate Alessandro Negri. Counsel Elia Ferdinando Clarizia assisted on tax?related aspects.

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