14 January 2021 - Landsbankinn
The credit rating for covered bonds issued by Landsbankinn is two notches above Landsbankinn’s issuer credit rating, which is BBB with a stable outlook.
S&P´s credit rating is based i.a. on the strong legal framework regarding covered bond issuance in Iceland.
Lilja Björk Einarsdóttir, CEO of Landsbankinn, says: “We are very pleased with the result and the credit rating further supports covered bonds as an investment opportunity. Covered bond issuance has become an important part of the funding structure as Landsbankinn has been steadily increasing market share in mortgage lending. The favourable credit rating reflects solid operations of Landsbankinn as well as the strong legal framework regarding covered bond issuance.”
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5 Sept. 2023
Today, Landsbankinn concluded the sale of a new green bond series in the amount of EUR 300 million, the Bank’s third green bond issuance in euros. The bonds bear a 6.375% fixed rate and were sold at terms equivalent to a 313 basis point spread above mid-swap market rates. The bonds have a 3,5-year tenor and mature in March 2027.
20 July 2023
Landsbankinn’s profit in the first half of the year amounted to ISK 14.5 billion, ISK 6.7 billion thereof in the second quarter. Return on equity (ROE) was 10.3% in H1.
4 May 2023
Return on equity (ROE) at Landsbankinn was 11.1% in the first three months of 2023. Net profit was ISK 7.8 billion.
23 March 2023
The annual general meeting of Landsbankinn, held on 23 March 2023, agreed to pay a dividend amounting to ISK 8,504 million to shareholders. The AGM approved a proposal to change the Bank’s address from Austurstræti 11 to Reykjastræti 6.
9 March 2023
Today, Landsbankinn concluded a sale of European Covered Bonds (Premium) in euros. The bonds are in the amount of EUR 300 million, with a 5-year tenor and have a fixed coupon of 4.25%. The bonds were sold at terms equivalent to 90 basis point spread over mid-swap market rate.
16 Feb. 2023
Landsbankinn’s Annual & Sustainability Report for 2022 reviews highlights in the Bank’s operation last year, new solutions and changes to service, continued work on sustainable development, funding, risk management and more.
2 Feb. 2023
The net profit of Landsbankinn in 2022 was ISK 17.0 billion (2021: ISK 28.9 billion). After-tax return on equity for 2022 was 6.3% (2021: 10.8%).
27 Oct. 2022
Landsbankinn’s profit in the first nine months of 2022 amounted to ISK 11.3 billion, ISK 5.8 billion thereof in the third quarter. Return on equity (ROE) in the first nine months of the year was 5.6% and 8.5% in the third quarter. A decrease in the fair value of the Bank’s equity portfolio negatively impacts its profitability this year.
21 July 2022
The Bank’s profit in the first half of 2022 amounted to ISK 5.6 billion, ISK 2.3 billion thereof in the second quarter. Return on equity (ROE) was 4.1%, falling short of the Bank’s 10% target mainly because of fluctuations in equities held by the Bank.
27 May 2022
S&P Global Ratings has today announced that Landsbankinn’s covered bond rating has been raised. The rating uplift is one notch and the rating is therefore A with stable outlook.