Sale of subordinate bonds for VÍS Insurance

9. March 2016

For the last weeks Arctica Finance has worked with Vátryggingafélag Íslands – VÍS Insurance – in issuing and selling subordinated bonds. Arctica Finance, in cooperation with investors, initially submitted a binding offer for the total issue amounting to ISK 2.5 bn. Nevertheless, Arctica Finance engaged in the sale of the bonds, VIS 16 1, and they have been sold to a wide group of local institutional investors and were almost twice oversubscribed. 

The issue is a 30 year index-linked bond and bears 5.25% fixed interest rate with 1% step-up in 10 years. The bond will be listed on the Nasdaq OMX Exchange in 2016.