Debt investors and Rating

illimity aims to secure a solid and well-diversified funding base to support the growth of its business over the next few years, which expects to reach total assets of around 10 billion euro in 2025.

Rating

Moody’s Investors Service

On January 16,2024, the rating agency Moody’s Investors Service has assigned first-time ratings to the Bank. In particular, the long-term and short-term bank deposit ratings are equal to respectively “Baa3” and “Prime-3”, in the investment grade area. The long-term issuer and senior unsecured debt ratings both stand at “Ba1” with stable outlook.

The list of the main ratings assigned by Moody’s is reported below:

Moody’s Investors Service
Publishing date
Baa3/Prime-3
Publishing date
Ba1
Outlook
Stable
LT senior
unsecured debt
Ba1
Subordinated debt
B1
Baseline Credit
Assessment
ba3
Publishing date
16/01/2024

Fitch Ratings

On May 14, 2024, the international Agency Fitch Ratings confirmed the Bank's Long-Term Issuer Default Rating (IDR) to “BB-", the Long-Term deposits Rating to “BB” and the Viability Rating (VR) to “bb-” with Outlook Stabile.

Fitch Ratings
IDR
(Outlook)
BB- (Stable)
IDR
(Outlook)
B
IDR
(Outlook)
bb-
IDR
(Outlook)
BB-
ST IDR
B
Viability
bb-
Long-Term deposits
BB
Short-Term deposits
B
Senior preferred LT
BB-
Subordinated LT
B
Publishing date
23/10/2023

Bonds

In December 2020, illimity completed its first bond issue: placed a senior preferred bond with a 3-year maturity for a total amount of 300 million euro.
In July 2021, the Bank placed its first subordinated class 2 (Tier 2) bond with a 10-year maturity, and a 5-year call option, for a total amount of 200 million euro.
In December 2022, illimity completed its second bond issuance: placed a senior preferred bond with a 3-year maturity for a total amount of 300 million euro.
In June 2023, the Bank completed its first retail bond issuance: placed a senior preferred bond with a 3-year maturity for a total amount of 61 million euro.

Bonds
Type of bond
Maturity
ISIN
Coupon
Listing
Senior Preferred
3 years
XS2270143261
3.375%
Euronext Dublin
Tier 2
10 years
XS2361258317
4.375%
Euronext Dublin
Senior Preferred
3 years
XS2564398753
6.625%
Luxembourg
Senior Preferred
3 years
XS2471584057
6.15%
Borsa Italiana (EuroTLX)

EMTN Programme

In September 2019, illimity entered the institutional bond market through the EMTN - Euro Medium Term Notes Programme on the Irish Stock Exchange (ISE). Currently, the Stock Exchange of the Programme is the Luxembourg Stock Exchange (LuxSE).
The documents relating to the Programme are available in the sections below.

See documentation