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Íslandsbanki the first financial institution to list commercial paper

Íslandsbanki hf. has today sold 3 and 6 month commercial paper. The total issuance in each series cannot exceed 1,500,000,000 ISK in nominal terms. The auction was structured so that bidders submitted bids at predetermined rates (prices). The 3 month commercial paper was sold at a simple rate of 6.15% (price: 98.4692) and the 6 month commercial paper was sold at a simple rate of 6.30% (price: 96.9133).

The three month commercial paper was oversubscribed. Total bids for a nominal value of 2,740,000,000 ISK were submitted and bids were accepted for a nominal value of 1,500,000,000 ISK. The six month commercial paper was also oversubscribed. Total bids for a nominal value of 1,550,000,000 ISK were submitted and bids were accepted for a nominal value of 1,500,000,000 ISK.

The commercial paper was sold to a broad group of investors. Trading is expected to commence on 5 April 2013 on the Nasdaq OMX Iceland. Íslandsbanki hf. will be the first financial institution in Iceland to list commercial paper on the Icelandic stock exchange since the fall of 2008.

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