Bank of Valletta – Malta’s largest bank – has announced that a €150 million tranche under its €250 million Euro Medium Term Note Programme has been fully subscribed within days of its launch, reflecting continued strong demand from both institutional and retail investors.

This is the second major success for BOV under the bond programme. A previous €100 million issue launched in October 2024 was also oversubscribed within days. At the time, it was the largest ever bond issue on the domestic market. The current bond issue has now superceded it. 

Initially launched as a €100 million issue of five per cent unsecured subordinated bonds maturing between 2030 and 2035, the bank exercised its over-allotment option to increase the offer to €150 million in response to the strong level of interest.

The offer period is set to close early on 16th June 2025 at 2pm, ahead of the scheduled closure, with BOV confirming the full take-up of the increased amount.

The €250 million bond programme was announced in late 2024 and is designed to help the bank meet its Minimum Requirement for Own Funds and Eligible Liabilities (MREL), a key regulatory framework under the EU’s banking resolution directive.

The bonds are unsecured and subordinated, forming part of BOV’s capital-strengthening strategy. Applications from retail investors were subject to a minimum subscription of €10,000, while professional clients and eligible counterparties could subscribe with a minimum of €100,000.

A company announcement detailing the final allocation policy is expected to follow.