On 21st January, Bank of Valletta (BOV) listed its €100 million five per cent Unsecured Subordinated Bonds (2029-2034) on the Malta Stock Exchange (MSE), with CEO Kenneth Farrugia stating that the record-breaking bond underscores investor trust.
Mr Farrugia expressed gratitude for the strong market response to the bond issue, stating, “this €100 million bond, the largest ever to be listed on the Official List of the Malta Stock Exchange, was oversubscribed within days of its launch. This success underscores the trust that both institutional and personal investors place in the Bank and validates our strategic vision to strengthen capital and deliver long-term value for all stakeholders.”
He further emphasised BOV’s role as a key player in Malta’s financial sector and the Bank’s history of pioneering initiatives, including being the first Maltese company to list bonds on the Irish Stock Exchange.
In his welcome speech, Joseph Portelli, Chairman of the Malta Stock Exchange, highlighted BOV’s longstanding partnership with the Exchange, noting, “Bank of Valletta’s shares were the first security to be listed on the Official List in 1992. Over the years, the Bank has demonstrated its commitment to the local market and its large shareholder base.”
Present at the event were also Kevin Cardona, the Bank’s Chief Finance Officer, and members of BOV’s Capital Funding and Issuance and Capital Advisory teams, who played pivotal roles in the successful bond issue. Representatives from the main stakeholders were also in attendance, including Camilleri Preziosi Advocates as Legal Counsel, and Rizzo Farrugia & Co (Stockbrokers) Ltd, and Calamatta Cuschieri Investment Services Ltd as joint sponsors.
The occasion was celebrated with the traditional ‘Ringing of the Bell’ ceremony, hosted at the MSE in Valletta.
The event was attended by management and staff of the Malta Stock Exchange, who collaborated closely to bring this milestone to fruition.
Featured Image:
Left to Right - Romeo Cutajar, Donatella Galea, Dorianne Caruana, Christopher Mallia, Vincent Rizzo, Kevin Cardona, Kenneth Farrugia, Joe Portelli, Andrew Caruana Scicluna, Patrick Mangion,and Mark Scicluna
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