Vilnius/Riga/Tallin, Nasdaq Baltic Market, September 30, 2021 – Nasdaq (NDAQ) announces that bonds issued by Valstybės Investicinis Kapitalas UAB, a limited partner of the State Aid Fund for Business, have been admitted to trading on the Nasdaq Baltic Bond List by Nasdaq Vilnius as of September 30, 2021. The bonds carry a state guarantee.
Listing of the bonds of Valstybės Investicinis Kapitalas (VIK) follows their initial offering to professional investors across the Baltics and other markets. A total of 21 investors purchased the bonds, a third from outside Lithuania. With an issue size of EUR 30 million, demand in the offering exceeded supply eight times. The bonds have a nominal value of EUR 1,000 and a yield of 0.045%. Their maturity date is September 22, 2025. Luminor Bank served as coordinator and bookrunner for the offering. The bonds are part of a program of bond issues planned by VIK with a total value up to EUR 400 million. This specific bond issue and the entire bond program have been assigned an A rating by the international credit rating agency Fitch. VIK intends to issue the securities in stages. Read more about the rating and the VIK European Medium-Term Note (EMTN) Programme.
“Nasdaq welcomes Valstybės Investicinis Kapitalas to the Baltic Bond List. We are delighted that this state company has made use of the capital market to achieve its business objectives by raising funds from professional investors and has chosen to list the bonds on the Nasdaq Baltic market,“ says Saulius Malinauskas, the President of the Nasdaq Vilnius stock exchange. “We wish the company all success in its ongoing bond program and look forward to further working with them in the future.”
Valstybės Investicinis Kapitalas will invest the money raised, as needed and in phases, in the State Aid Fund for Business which is managed by the State Investment Management Agency. That fund’s main objective is to assist large and medium-sized enterprises in Lithuania that face difficulties due to COVID-19 to obtain financing, ensure their liquidity, and recover faster from the crisis the pandemic provoked. It is through Valstybės Investicinis Kapitalas that the state contributes money to the fund for supporting businesses.
“Listing of the bonds on the Nasdaq Vilnius exchange is recognition that the investment model is sound and robust. For us, this is a qualitative leap to maximally live the principles of openness and transparency and a necessity for broadening our investor base and meeting their expectations. The bonds’ availability on the exchange enables systematic promotion of capital market activity and investment culture, and it will serve as a good example for assessing and developing new financial instruments at the state level,” says Robertas Vyšniauskas, the CEO of Valstybės Investicinis Kapitalas.
About Valstybės Investicinis Kapitalas UAB
Valstybės Investicinis Kapitalas is a company established by Lithuania’s Ministry of Economy and Innovation which is a limited partner of the State Aid Fund for Business, a limited partnership, and is the vehicle for the state’s contribution to the fund.
About the State Investment Management Agency in Lithuania
Established at the initiative of the Bank of Lithuania, the State Investment Management Agency (VIVA) is responsible for managing the State Aid Fund for Business, for evaluating, selecting and supervising investments, for managing risk, and for ensuring the fund earns a suitable return. The Lithuanian state, represented by the Ministry of Finance, is the company’s sole shareholder. VIVA’s main objective is to provide aid to large and medium-sized enterprises that face financial difficulties and to help ensure the sustainable performance of large and medium-sized companies and the vitality of the capital market.
About the State Aid Fund for Business in Lithuania
The State Aid Fund for Business in Lithuania provides financial assistance to businesses via debt and investment instruments. Large and medium-sized enterprises may apply for loans or to obtain investments by issuing ordinary bonds. For systemic companies, the fund may also invest by purchasing their shares or via other hybrid financial instruments.
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Nasdaq Baltic represents the common offering of the Nasdaq Tallinn, Nasdaq Riga, Nasdaq Vilnius securities exchanges as well as Nasdaq CSD. Read more: nasdaqbaltic.com.
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