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Latvia’s Parex expects pension interest in notes

LATVIA – Parex, the largest bank in Latvia, says it is expecting interest from pension funds for a public offering of notes.

“We also expect potential interest from institutional customers (such as insurance companies, pension funds and investment funds), who are looking for investment liquidity and securities actively traded at the stock exchange,” said Martins Jaunarajs, head of the investment banking division at Parex.

“Since it was created in 1992 Parex Banka has been actively providing brokerage services in capital markets, offering customers the possibility to invest in different securities.

“Now we are starting a new phase in our development, offering our own securities for the first time to customers, who previously could only invest in Parex through bank deposits.”

The first phase of the offering will close on March 1. The notes will be issued with a maturity of three years and a fixed annual interest margin of 4.25%. It is planned to list the securities on the Riga Stock Exchange.

Parex Banka is the largest bank in Latvia in terms of assets, deposits, capital and reserves.

The total volume of the issue at nominal value is LVL5m (€7.2m), with the nominal value of each note of 100 lats.

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