Issue link: https://maltatoday.uberflip.com/i/1487760
3 NEWS 8.12.2022 Bank of Valletta issues €350 million notes on Irish exchange FROM PAGE 1 This will features the establishment of more than a dozen, new premium hotels as the next stage of DGDA's journey to transform the 'Jewel of the Kingdom' into the Kingdom's fore- most historical, cultural and lifestyle destination. Situated to the northwest of Saudi Arabia's capital city of Riyadh, Diriyah is a SAR 64 billion development pro- ject covering 7sq.km. Diriyah will become the Kingdom's historic and cultural heart, showcas- ing Saudi Arabia's 300+ years of histo- ry through an engaging and inspiring set of heritage, hospitality, education, retail and dining experiences for res- idents, tourists and frequent visitors. e historic town of Diriyah will be transformed into a global tourism des- tination with its main anchors rooted in its historic culture and heritage. It aims to be developed as an urban, mixed-use development inspired by the principles of both new urbanism and historical Najdi architectural typology. It will be home to more than 20 lux- ury and ultra-luxury hospitality ven- ues offering genuine experiences that reflect the rich history and culture of Diriyah and the Kingdom of Saudi Arabia. Ultimately, the destination will in- clude museums, galleries, restaurants, retail experiences, public squares, ho- tels, multiple recreational spaces, res- idences, educational institutions and offices. DGDA has finalised hotel man- agement agreements with 16 of the world's most prestigious hotel brands, with our first hotel planned to open in 2023. The 16 hotel brands slated to open will be situated across two of DGDA's masterplan areas – Diriyah and Wadi Safar. The infrastructure of Diriyah's first phase of hotel construction will fea- ture an interpretation of the local landscape and traditional Najdi de- sign themes, whereas the next phase will offer visitors a more evolved Naj- di design experience. Both phases of Diriyah's hospitality development plans will see a variety of luxury hotels open, characterized by their cutting-edge design, top-class amenities, and superb customer ser- vice. Corinthia Hotels seeks to build upon its hospitality legacy by delighting the senses of Diriyah's travelers with great service and timeless design motifs within Diriyah's first phase. Diriyah will also feature Marriott International's EDITION Hotels, Thai-rooted brand Anantara, part of Minor Hotels, Waldorf Astoria, Taj Hotels, 1 Hotels, Pendry Hotels & Re- sorts, Treehouse Hotels, Hyatt, Mar- riott International's Moxy Hotels and Radisson Hotel Group's Radisson RED brand. Jerry Inzerillo, Group CEO of DGDA, applauded the new hotels joining the Diriyah hospitality portfo- lio, stating, "We are excited to further Diriyah's position as Saudi Arabia's historical and cultural epicenter by bringing in- ternational hoteliers to operate within Diriyah," he said. "Each and every hotel brand offers a special, distinctive experience for vis- itors, all united by a shared promise to provide a unique set of high-quality services measured to global standards for all of Diriyah's guests. The open- ing of these hotels signifies our ongo- ing promise to transform Diriyah into one of the greatest gathering places in the world, welcoming visitors from around the world into the Kingdom, in line with Vision 2030's aims and objectives." BANK of Valletta has announced a suc- cessful issue of senior non-preferred notes, which the bank said will help it meet regulatory requirements for el- igible liabilities, and grow its lending book and treasury assets. e issue attracted an order book of around €460 million, of which approxi- mately €230 million came from domes- tic investors. e issue was closed at €350 million. is was a first for Bank of Valletta, making its debut in the in- ternational debt capital markets. Given their complexity, the notes were not available to the retail market, but could only be subscribed for by profes- sional investors and eligible counter- parties for a minimum of €100,000. e final maturity date is 6 December 2027. e notes were rated by Fitch as BBB-. e coupon was set at the fixed rate of 10% per annum, which was in line with inaugural issues of similar rating and size in the international markets. e issue followed approval by the Central Bank of Ireland last Septem- ber for a base prospectus relating to the establishment of a euro medium term note programme. e notes are expected to be admitted to trading on the regulated market of the Irish Stock Exchange. "Bank of Valletta is pleased with the outcome of the Notes Issue, with the positive response from investors posi- tioning the Bank as a solid investment opportunity and confirming trust in the Bank's current operations and its strategy for the future, especially when one recognises that this issue came at a time of high market volatility," BOV said in a statement. Credit Suisse Bank (Europe), S.A. and UBS Europe SE contributed to the successful completion of this offer of notes. Corinthia among 16 top brands to open hotels in Diriyah