Íslandsbanki lists covered bonds on the NASDAQ OMX Iceland
The bonds are issued under Act 11/ 2008 on Covered Bonds which obliges the issuer to fulfil strict requirements; the underlying cover pool must withstand a weekly stress test with regards to interest rates and exchange rates. The issue is regulated by the Icelandic Financial Supervisory Authority which additionally appoints an independent inspector to monitor the issue.
Birna Einarsdóttir, CEO of Íslandsbanki
"We are thrilled to have reached this milestone which can be seen as an important part of resurrecting the domestic financial and capital markets. We were determined to issue the covered bonds in Iceland in order to be able to offer a new investment opportunity to domestic investors. The issue represents an important step in strengthening the Icelandic financial market and will contribute to its development."