db Group’s financing arm SD Finance plc has announced the full subscription of its €33 million bond issue, which opened on 7th October.

The €33 million unsecured bonds, carrying a coupon rate of 5.2 per cent and set to mature in 2031, are the first tranche of a wider €60 million bond issue.

In a company announcement, the group said it “wishes to express its sincere appreciation to all investors for their continued trust and vote of confidence.”

The funds raised will largely be used to refinance intragroup debt.

Approximately €7 million will go towards the repayment, in full, of an intragroup loan in connection with the full acquisition of Porto Azzurro, while another €20 million will be used to repay another intragroup loan related to the development of the St George’s Bay project.

The remaining €5.4 million will be used to general corporate funding purposes.

Part of the €33 million raised came from existing bondholders and group shareholders, directors and employees, while the remaining amount was placed with authorised financial intermediaries, for their own account or to allocate to their own clients.