Arion Bank hf. - Other information disclosed according to the rules of the Exchange

Issuance schedule for Arion Bank for 2018

Covered bonds

• Arion Bank aims to issue approximately ISK 30 billion of benchmark covered bonds in 2018.
   
• The benchmark covered bond series are the inflation-linked series ARION CBI 21, ARION CBI 25 and ARION CBI 29 and the fixed-rate series ARION CB 22 and ARION CB 19.
   
• The minimum size of each benchmark series is ISK 10 billion. The size of each benchmark of the total issue depends on market conditions and other factors. New benchmarks may be added in 2018.
   
• Covered bond offerings will be held every month. Offerings will normally be held on the first Wednesday of every month and settlement will be one week later – see dates below.
   
• Landsbankinn, Íslandsbanki and Kvika are market makers for the covered bonds.  The market makers will submit bids and asks for the bonds every day.  The minimum offers at nominal value for benchmark series shall be ISK 80 million and the minimum amount for other series shall be ISK 20 million.  In the case of benchmark series, if the outstanding nominal value is less than ISK 10 billion, the total offers shall be ISK 60 million. If the series is more than ISK 10 billion, offers shall be total ISK 80 million.

Commercial paper

• Arion Bank will continue its monthly offerings of commercial papers. Offerings will take place in mid-month and settlement is usually on the 20th day of each month.   The total issue of commercial paper is undetermined and will be dictated by market conditions.

EMTN and other funding

• The Bank intends to issue internationally on a regular basis through its Euro Medium Term Note (EMTN) program. The Bank aims to issue 1-2 benchmarks a year amounting to approximately €300-500 million. The Bank will also issue smaller private placements in other currencies depending on the market conditions.
   
• Arion Bank plans to diversify its funding and will examine other funding options and add to its funding channels if this is advantageous for the Bank.  The Bank may therefore issue unsecured bonds, subordinated bonds or covered bonds in foreign currencies and/or Icelandic krónur if there is sufficient demand from investors. The amounts and timing of such funding depend on the market conditions and the general interest of investors.

 

Covered bond offerings will be held on the following dates:

10 January 2018

8 February 2018

7 March 2018

4 April 2018

2 May 2018

6 June 2018

4 July 2018

1 August 2018

5 September 2018

3 October 2018

8 November 2018

5 December 2018

 

Arion Bank reserves the right to amend this schedule, including by cancelling, increasing the number or changing the offering dates, changing the amount to be issued or making other changes as necessary, without advance notice.