Public offering of new unsecured subordinated bonds of Bigbank

Ellex law firm in Estonia advised Bigbank AS, which offers digital banking services, on the public offering of new unsecured subordinated bonds.

The base volume of the public issue of Bigbank’s unsecured subordinated bonds, i.e. 3 million euros, was oversubscribed by investors more than three times. The bank used the right to increase the base volume of the issue in order to issue new bonds for a total of 7 million euros instead of the originally planned 3 million. 929 investors took part in the subscription, who subscribed subordinated bonds for a total of EUR 9,006,000.

“The subscription results show that investors’ confidence in Bigbank’s future plans continues to be very high, and the interest rate of the bonds on offer was close to the optimum. With the support of the capital raised, Bigbank can implement its business strategy even more strongly, focusing its growth primarily on the issuance of home and business loans, while simultaneously ensuring compliance with the established capital requirements,” commented Martin Länts, chairman of the Bigbank board.

The public offering of unsecured subordinated bonds of Bigbank AS lasted from 14 to 24 until May 2024. It was the second series of Bigbank’s unsecured subordinated bond program. Within the entire program, Bigbank can raise up to 30 million euros.

Bigbank AS was advised by Ellex Partner Gerli Kivisoo and Senior Associate Georg Kuusik.