Bank of Valletta (BOV) has announced that it has applied for authorisation to issue a bond programme of up to €250 million in unsecured bonds.

The programme is understood to be for the purpose of meeting requirements under the minimum requirement for own funds and eligible liabilities (MREL) obligations .

The bond programme will take the form of Unsecured Euro Medium Term bonds.

If approved by the Malta Financial Services Authority, BOV will be issuing the first tranche of bonds under the programme, with an issue of up to €100 million five per cent unsecured subordinated bonds maturing in 2029-2034.