Íslandsbanki sells commercial paperÍslandsbanki hf. has today sold 6 month commercial paper. The total issuance in the series cannot exceed ISK 1.5bn in nominal terms. The auction was structured so that bidders submitted bids at predetermined rate (price), at a simple rate of 5.85% (price: 97.1428).
Bids for ISK 740m were accepted. Prior to the auction the total outstanding commercial paper amounted to ISK 5.66bn.
The commercial paper was sold to a broad group of investors. Trading is expected to commence on 7 November 2014 on Nasdaq Iceland.