Standard & Poor's Ratings Services has raised its long-term and short-term rating on Íslandsbanki to BBB-/A-3. The outlook on Íslandsbanki is stable.
This upgrade reflects S&P's view of the improving operating conditions for Íslandsbanki as well as other commercial banks in Iceland.
The ratings on Íslandsbanki reflect its strong capital and earnings and strong liquidity according to S&P.
Íslandsbanki has issued a EUR 100m (ISK 14.7bn) 2.875% Fixed Rate Note due 2018 through lead manager Deutsche Bank. The note was placed with investors in Scandinavia and continental Europe.
Íslandsbanki hf., Glitnir hf., ISB Holding ehf. and GLB Holding ehf. have entered into Heads of Agreement under which they agree to co-operate in order to facilitate the composition of Glitnir.
The magazine considered several factors in its assessment of the Icelandic banks, including earnings from regular operations, cost efficiency and the ability to adapt to changing market conditions and client needs.
Íslandsbanki Corporate Finance, on behalf of PCC BakkiSilicon hf., is pleased to announce the successful completion of financing of the company‘s new silicon metal production plant, to be built in the industrial area of Bakki near Húsavík in the northern part of Iceland.
Profit after tax was ISK 5.4bn in 1Q15 compared to ISK 8.3bn in 1Q14. The difference is mainly due to irregular items.
Íslandsbanki is now the first Bank to be assigned an investment grade since 2008. Fitch rates Íslandsbanki as BBB-/F3 with stable outlook.
Today, Íslandsbanki released its United States Seafood Market Report at Seafood Expo Global in Brussels. The report provides insights into key trends and issues shaping the industry in the major seafood regions of the United States: the Atlantic Coast, Gulf of Mexico and Pacific Coast. Highlights of the U.S. report include:
Íslandsbanki has issued a SEK 150 million (ISK 2.35bn) tap of its existing SEK300 million 4-year FRN. The senior unsecured bond pays a quarterly coupon of 3 month Stibor + 310bp, and the tap was issued at a price of 100.48. Investors from Scandinavia and continental Europe bought the new tranche. The bond is listed on the Irish Stock Exchange.
Íslandsbanki and Eimskip have signed a loan agreement for EUR 10 million for the development of a 10,000 tonne capacity cold storage facility on company premises in Hafnarfjordur.