Nordic Business Report-August 24, 2006-Iceland's Glitnir Bank liquid assets cover refinancing for 2007
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This year Glitnir Bank has issued bonds and loans amounting to approximately EUR3bn and thus covered all refinancing needs for 2007, Glitnir said on Wednesday (23 August).
The long-term foreign debt of Glitnir Bank (parent company) maturing in 2007 amounts to EUR2.7bn. Due to its strong liquidity position the bank has been buying back selected issues maturing next year. As a result all debt maturing in 2007 is covered by liquid assets, Glitnir said.
In July the bank issued a USD450m private placement in the United States. The bank also issued, in July and August, an additional EUR700m in private placements in the US, Europe and Asia.
Glitnir Bank has consistently emphasised the reinforcing of its liquidity position this year as well as the task of securing funds to meet next year's maturing liabilities. According to the bank this work, which has been executed well in advance, has been very successful in turbulent market conditions.
One euro (EUR) is worth approximately 0.68 British pounds (GBP). One US dollar (USD) is worth approximately 0.54 British pounds (GBP).
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