Íslandsbanki was the first bank to list securities on Nasdaq Iceland after the financial crisis in 2008. The covered bond issuances represent an important source of funding for mortgage lending in the domestic market.
Under the ISK 170bn covered bond programme that’s in place. The bonds are issued under Act 11/ 2008 on Covered Bonds. The issue is regulated by the Icelandic Financial Supervisory Authority which additionally appoints an independent inspector to monitor the issues.