On Monday, 9 November 2026, the public and institutional offering of subordinated bonds of AS Inbank (hereafter Inbank) ended. 1,340 investors participated in the issue, subscribing to subordinated bonds for a total of €27.9 million. The initial issue volume was oversubscribed 2.8 times.
As the initial issue volume of €10 million was oversubscribed, Inbank used its right to increase the issue volume to €15 million.
The Management Board of Inbank decided to allocate the subordinated bonds based on the following principles:
- All subscription orders of the same subscriber were summed up;
- All subscription orders above €3,000,000 were reduced to €3,000,000;
- All subscription orders of up to €2,000 were accepted in full;
- Employees of Inbank group, shareholders of AS Inbank, credit institutions and licenced fund management companies were allocated 72.5% of the amount subscribed exceeding €2,000;
- All other investors were allocated 40.2% of the amount subscribed exceeding €2,000;
- Rounding was used to determine the whole number of the bonds.
Marko Varik, CFO of Inbank, comments on the results:
“The nearly threefold oversubscription of Inbank’s bond offering reflects investors’ continued confidence in our business model and long-term growth strategy. Over the years, we have established ourselves as a regular bond issuer in the Estonian capital market, and I am pleased that this offering once again attracted strong interest from both institutional and retail investors. The capital raised will enable us to refinance previously issued bonds, maintain a strong capital position and support Inbank’s continued profitable growth. I would like to thank all investors for their trust.”
The public offering was conducted based on the base prospectus of subordinated bonds program registered by the Estonian Financial Supervision and Resolution Authority (FSA) on 29 October 2026 and the final terms of the subordinated bonds approved by the Management Board of Inbank on 27 October 2026.
As a result of the issue, Inbank issued subordinated bonds with a nominal value of €1,000 and an interest rate of 7% per annum. The maturity date of the bonds is 10 years. Inbank has an early redemption right after 5 years subject to permission from the FSA.
The bonds will be transferred to the investors’ securities accounts presumably on 13 November 2026 and will be admitted to trading on the Baltic Bond List of Nasdaq Tallinn Stock Exchange on or about 16 November 2026.
Inbank is a financial technology company with an EU banking license that connects merchants, consumers and financial institutions on its next generation embedded finance platform. Partnering with more than 6,000 merchants, Inbank has 787,000+ active contracts and collects deposits across seven markets in Europe. Inbank bonds are listed on the Nasdaq Tallinn Stock Exchange.
Additional information:
Styv Solovjov
AS Inbank
Head of Investor Relations
+372 5645 9738
styv.solovjov@inbank.ee
