S-Bank – Establishment of €1,500 Million Bond Programme and Update of €100 Million Debenture Programme

We advised S-Bank Plc in the establishment of a €1,500 million programme for the issuance of covered notes and senior preferred notes. The programme provides that the notes issued under the programme may be listed on the Helsinki Stock Exchange maintained by Nasdaq Helsinki Ltd. The senior preferred notes qualify as eligible liabilities items (MREL) under the EU’s Capital Requirements Regulation, provided that the requirements set out therein are met.

In addition, we advised S-Bank Plc in the update of a €100 million programme for the issuance of debenture loans and in the issue of approximately €25 million debenture loans. The debenture loans issued under the updated programme qualify as tier 2 instruments (T2) under the EU’s Capital Requirements Regulation, provided that the requirements set out therein are met.