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Landsbankinn issues bonds in euros

Landsbankinn hf. has today issued EUR 300 million of senior unsecured bonds, equivalent to around ISK 34 billion. The bonds have a 5-year maturity with a fixed 1.375% coupon and were priced at terms equivalent to a 130 basis point spread above mid-swaps in euros.

The bonds were sold to institutional investors in the UK, Continental Europe, Scandinavia and Asia. The final order book amounted to approximately EUR 700 million, more than two times oversubscribed, from over 80 investors. The bonds are issued under Landsbankinn’s Medium Term Note (EMTN) Programme and will be listed on the Irish Stock Exchange on 14 March.

Landsbankinn will use the proceeds to pre-pay a part of its existing funding and to further strengthen liquidity.

Joint lead managers on the transaction were: Bank of America, Barclays, Citigroup and JP Morgan.

Hreiðar Bjarnason, Landsbankinn’s CFO:

“Today’s issuance was particularly enjoyable. Firstly, it was on better terms than Icelandic banks have seen on international markets in recent years; secondly, it continues the diversification of the Bank’s investor base and; finally, it represents an extension to the Bank’s credit curve.

Improved terms and strong interest reflect increased confidence among international investors in both Landsbankinn and the Icelandic economy. This enables Landsbankinn to continue its robust support of Icelandic businesses.”

Detailed information about Landsbankinn for investors and others stakeholders is available at

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