S-Bank issues EUR 150 million Senior Non-Preferred notes and conducts tender offer for 2026-maturing notes

Castrén & Snellman advised S-Bank Plc on the issuance of a EUR 150 million Senior Non-Preferred (SNP) note issue and on the concurrent tender offer for its EUR 150 million Senior Preferred MREL-eligible notes maturing in 2026. The tender offer required prior approval from the Finnish Financial Stability Authority under the Commission’s regulatory technical standards (EU) 2023/827. The Stability Authority granted S-Bank permission to repurchase the notes. Under that permission, S-Bank replaced the repurchased instruments with own funds or eligible liabilities of equal or higher quality on terms sustainable for the bank’s income capacity. According to the final tender offer results published on 10 December 2025, S-Bank repurchased a total of EUR 97.9 million of the notes. The new SNPs carry a floating interest rate of 3-month Euribor plus a margin of 1.35 per cent. They were issued on 11 December 2025, listed on Nasdaq Helsinki Ltd and mature on 11 December 2029. The issuance’s purpose was to meet the minimum requirement for own funds and eligible liabilities (MREL) and to finance the bank’s activities. Castrén & Snellman represented S-Bank Plc with a team composed by: Janne Lauha, Valter Olkkonen, Sari Suutari.

S-Bank issues EUR 150 million Senior Non-Preferred notes and conducts tender offer for 2026-maturing notes

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