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Islandsbanki hf.: Issuance Plan of Íslandsbanki for 2019

GlobeNewswire Friday, 21 December 2018
*Covered Bonds*· Íslandsbanki estimates that the total issuance of covered bonds will be approximately ISK 25-30 billion in 2019.
· Maturing in 2019 are ISLA CB 19 and ISLA CBI 19 a total nominal value of ISK 18.4 billion. The bank will continue to look into refinancing them through tenders in new bonds.
· Total nominal amount of outstanding covered bonds issued by Íslandsbanki at year end 2018 was approximately 130 billion.
· The Bank aims to hold monthly auctions in 2019 and the scheduled dates can be found in a table at the end of this document. The arrangement of individual auctions will be announced in Nasdaq Iceland.
· Arion Bank, Kvika and Landsbankinn are the market makers for Íslandsbanki´s covered bonds.
· The market makers will submit bids and asks for the bonds every day. The minimum amount 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 amount shall be ISK 60 million. If the series is more than ISK 10 billion, the total amount shall be ISK 80 million.
· The bond series ISLA CB 23, ISLA CBI 26 and ISLA CBI 30 are benchmark series.
· It is possible that the maximum size of current covered bond series will be increased as well as new series will be added in 2019.

*Commercial Paper*

· Íslandsbanki intends to hold monthly offerings of commercial paper auctions in 2019.
· The total amount of issued commercial paper is undecided and conditional upon market conditions.
· The arrangement of individual auctions will be announced in Nasdaq Iceland.

*Foreign bonds and other funding*

· Íslandsbanki intends to issue foreign currency bonds on a regular basis through its GMTN programme as well as conduct buybacks of outstanding bonds in a continuing effort to maintain a strong balance sheet position while efficiently applying surplus liquidity.
· The form of international funding will depend on market conditions and the general interest of investors and may be in the form of senior as well as subordinated bonds.
· Íslandsbanki plans to diversify the Bank´s funding and will examine other funding options to add to its funding channels if it is considered suitable for the Bank.

*Issuance Schedule for Covered Bonds*

· Estimated issuance dates for covered bonds are shown in the table below.

*Covered Bonds Issuance Week*

*Week 5*
*Week 9*
*Week 14*
*Week 20*
*Week 24*
*Week 29*
*Week 33*
*Week 37*
*Week 41*
*Week 46*
*Week 50*

· Íslandsbanki reserves the right to change the above plan including abandoning, increasing or amending the issuance dates, changing the issuance amount and make other changes as needed, without notice.

· For further information on Íslandsbanki´s funding please see the banks website at:
· For further information:*  *Investor Relations - Gunnar S. Magnússon, and tel: +354 440 4665.[*Íslandsbanki press releases **
*If you wish to receive Íslandsbanki press releases by e-mail please register at:]

[*About Íslandsbanki*
A leader in financial services in Iceland, Íslandsbanki is a universal bank with total assets of ISK 1,163bn (about EUR8.5bn) and a 25% - 50% market share across all domestic business segments. Building on over 140 years of servicing key industries, Íslandsbanki has developed specific expertise in tourism, seafood and energy related industries. Driven by the vision to be #1 for service, Íslandsbanki’s relationship banking business model is propelled by three business divisions that manage and build relationships with the Bank’ s customers. Íslandsbanki has developed a wide range of online services such as the Íslandsbanki and Kass apps, enabling customers to do their banking whenever and wherever. At the same time, the Bank continues to operate the most efficient branch network in Iceland through its strategically located 14 branches. For the fifth consecutive year, Íslandsbanki led the Icelandic Customer Satisfactory Index for banks in 2017 and was also named Best Bank of Iceland in 2018 by Euromoney and Bank of the Year in 2017 in Iceland by the Banker. Íslandsbanki has a BBB+/A-2 rating from S&P Global Ratings and BBB/F3 from Fitch Ratings and is the only bank in Iceland rated by two international rating agencies.]

This press release may contain “forward-looking statements,” involving uncertainty and risks that could cause actual results to differ materially from results expressed or implied by the statements. Íslandsbanki hf. undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release. It is the investor's responsibility to not place undue reliance on these forward-looking statements which only reflect the date of this press release. Forward-looking statements should not be considered as guarantees or predictions of future events and all forward-looking statements are qualified in their entirety by this cautionary statement. ]

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